As per the Finance Ministry data, the Gross Goods and Services Tax (GST) revenue in February was ₹1,33,026 crore. This collection was 26% higher than the pre-pandemic levels and 18% higher than that of February 2021. It is the fifth time that GST revenues have crossed ₹1.3 lakh crore since its launch in July 2017. GST Compensation Cess collections crossed ₹10,000 crore in a month for the first time in February.
Revenues from import of goods were 38% higher year-on-year, while revenues from domestic transactions, including import of services, were 12% higher than the revenues from these sources during February 2021.
In order to emphasise the significance of these collections, the Finance Ministry pointed out that ‘being a 28-day month, February normally witnesses revenues lower than that in January’. The Ministry also said, “this high growth during February 2022 should also be seen in the context of partial lockdowns, weekend and night curfews and various restrictions that were put in place by various States due to the Omicron wave, which peaked around 20th January”.
However, it needs to be noted that disparities between the collection trends among the States is a concern.