January figures totalled Rs. 1.02 lakh cr.
Gross Goods and Services Tax (GST) revenue collection in February stood at Rs. 97,247 crore, down from the Rs. 1.02 lakh crore collected in January.
The February 2019 figure is, however, 13% higher than what it was in February 2018.
“Total gross GST revenue collected in the month of February, 2019 is Rs. 97,247 crore of which CGST is Rs. 17,626 crore, SGST is Rs. 24,192 crore, IGST is Rs. 46,953 crore and cess is Rs. 8,476 crore,” the government said in a statement on Friday.
The total number of GSTR 3B returns filed for the month of January up to February 28, 2019 is 73.48 lakh.
“While the monthly collection is a tad lower than last month, it is more or less same as average monthly collection of 2018-19,” Pratik Jain, partner and leader, indirect tax, PwC India, said.
“We have seen that collection of over Rs. 1 lakh crore in a month has typically come in the last month of the quarter only, so a slight reduction doesn’t seem to be a cause for worry,” he added.
Plan for next year
That said, Mr. Jain did point out that the real question should be how the government plans to achieve next year’s revenue target, which is 20% higher than the target for the current year, especially since the GST Council doesn’t have the room to increase tax rates.