Despite the Omicron scare and fears of a fragile economy, the GST collections in February have shown an 18 per cent increase during the corresponding period last year. The collections have been pegged at Rs 1.33 lakh crore. In fact, when compared to the corresponding period in 2020, the growth is about 26 per cent. This is being seen as a good sign for the economy of the country.
However, the collections are less compared to January this year. In January, the collections were around Rs 1.40 lakh crore. Analysts say Omicron fears, Ukraine war effect and February being a small month have influenced the collections in February. This is the fifth time that the GST collections have crossed the Rs 1.30 lakh crore mark.
Financial experts say that the growth in the automobile sector is primarily responsible for the hike in the GST collections. The finance ministry said that of these collections in February, the state GST is Rs 30779 crore, Central GST is Rs 24435 crore. The IGST is around Rs 33837 crore. The cess collections are Rs 10340 crore.
The GST collections in both AP and Telangana too have shown an encouraging trend, say sources in the Union Finance Ministry. They said that if the same trend continues, then the Union Finance Ministry would be able to reach its GST targets for the financial year .
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