The gross GST revenue collected in the month of February, 2020 is Rs 1,05,366 crore of which CGST is Rs 20,569 crore, SGST is Rs 27,348 crore, IGST is Rs 48,503 crore and cess is Rs 8,947 crore,” the finance ministry said in a statement. The total number of GSTR 3B returns filed for the month of January up to February 29 stood at 83 lakh – same as last month.
The GST revenues during the month of February, 2020 from domestic transactions has shown a growth of 12% over the revenue during the month of February, 2019. Taking into account the GST collected from import of goods, the total revenue during February, 2020 has increased by 8% in comparison to the revenue during February, 2019.
January was the third consecutive month when GST collections crossed Rs 1 lakh crore benchmark. However, the collection was marginally lower than the revised target of Rs 1.15 lakh crore.
Commenting on the figure, Pratik Jain, Partner & Leader, Indirect Tax, PwC India. said, “While the GST collection again looks impressive considering the overall economic scenario, one will have to see how much of it is due to restriction and blockage of input credits which has been happening in last 3 months or so. The issue of blockage of input credit from the backend (on account of alleged difference between credit claimed and that disclosed by vendors) is becoming a concern for the industry and the GST council should look into this. Otherwise, we may see lower collections later, when the credit is actually utilized.”
Mr. M S Mani, Partner, Deloitte India, reacted to the released GST Collection February 2020 data.“With the monthly collections now stabilising at over Rs 1 Trillion per month, the GST authorities would now go all out to enhance the March collections so that the deficit is reduced to the extent possible. These numbers indicate that the GST collections are becoming stable, with new changes like e-invoicing and new returns slated for next month, more stability is expected in future.
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