Total refunds stood at Rs 22,595 crore, up by 10.2% YoY, resulting in net GST revenue of Rs 1.61 lakh crore in February.
The Gross Domestic Revenue stood at Rs 1.36 lakh crore, up 5.3% and Gross Import Revenue stood at Rs 47,837 crore, reporting a rise of 17.2% last month.
Net cess revenue was Rs 5,063 crore, down from Rs 13,481 crore in February last year.
MS Mani, Partner, Deloitte India noted that the latest GST collection figures reflect the fact that there has been a consumption uptick that has more than compensated for the rate reductions leading to an 8% increase in the monthly collections and in terms of absolute numbers, the collections which were inching towards Rs 2 trillion per month, the rate reductions have pulled it back and it will take some more time for the Rs 2 trillion mark to emerge.
“The consumption increase that has led to an 8% plus increase in the monthly and annual collections is also supported by the strong GDP data and other macroeconomic indicators published recently,” Mani said.State-wise post-settlement GST revenues showed a mixed picture. Industrialised states posted solid gains, while smaller regions experienced contractions.
The state of Maharashtra made the largest contribution to the tax kitty with Rs 10,286 crore pre-settlement, followed by Karnataka and Gujarat.
States that recorded a positive GST revenue growth as per post-settlement SGST: Himachal Pradesh, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, Maharashtra, Karnataka, Tamil Nadu, Sikkim and Arunachal Pradesh, among others.
States that recorded a negative GST revenue growth as per post-settlement SGST: West Bengal, Jharkhand, Odisha, Chhattisgarh, Madhya Pradesh, Tripura and Jammu and Kashmir, among others.
As per the pre-settlement SGST figures, Mani said, “The negative growth reported by major states such as Tamil Nadu ( -6%) , MP (-8%) , Rajasthan (-1%) , and the single digit growth below the national average of 8% reported by WB (1%) Haryana(2%) , UP(5%) , Maharashtra (6%) would be a matter of concern for the states and the policy makers.”