Home » News & Events » GST REVENUE : GST Collection for February 2020
Event Date : 2020-Mar-13
GST Collection for February 2020
1. The GST collection for the month of February, 2020 is Rs. 1,05,366 Crores. This is lower than January 2020 (Rs.1, 10,828) but higher than the December 2019 (Rs.1, 03,184) collection.
2. The components of GST Collection for the month of February 2020 are:
3. The total revenue of Central and State Governments after regular settlement of IGST in February 2020 is as follows:
4. GST Revenue from domestic transactions grew by 12 per cent year-on-year as on February 2020. Taking the import also the GST revenue has increased by 8.3 per cent, higher than the nominal GDP growth of 7.5%.
5. The growth potential suggests that better administration will accelerate further rise in collection. New reforms like E.Invoicing and new returns from next financial year (2020-21) are expected to provide a stable growth. It is also suggested that the tax authorities should consistently pursue audit trails in the income and production chain to identity and plug revenue leakages
6. The total number of monthly returns (GSTR3B) filed during February 2020 stood at 83 lakhs which is same during the January 2020.
7. States’ Profile on Revenue Collection
Of the top 10 states in GST collections from domestic activities of three states – Karnataka, Uttar Pradesh and West Bengal showed a significant increase whereas the Rajasthan showed a one per cent increase in year-on-year basis. Other six states showed a fall in revenue
[Prepared by Dr.N.Ramalingam, Dr.Thomas Joseph Thookuzhy, Associate Professor, Mr.Jerome Joseph, Mr. George.K.John, PhD Scholars]
(Courtesy: Business line (2, March, 2020), Business Standard (3, March, 2020), Economic Times (2 & 3, March, 2020]