GST collection crosses 1 lakh Cr for 5th consecutive month

From the same month of last year, the collection was up about 7 percent

There is news of relief for the government. In February, the Goods and Services Tax (GST) collection has crossed Rs 1 lakh crore for the fifth consecutive month From the person who has GST Registration online. The GST collection in February has been Rs 1.13 lakh crore, which is about 7% more than the collection made during the same period last year. But it is less than January of this year. The GST collection was Rs 1.20 lakh crore in January. Let us know that on the first date of every month, the government releases data related to GST tax collection.

The Finance Ministry said in a statement that- 'GST collection has been continuously crossed Rs 1 lakh crore in the last 5 months. At the same time, the collection has been up by about 7 percent since the same month of last year.

1. Central GST- 21,092 Crore

2. State GST- 27,273 Crore

3. Integrated GST - 55,253 Crore

4. Compensation Cess- 9,525 Crore

These figures of tax collection show that the train of India's economy is continuously moving on the track of growth. This time the figures have confirmed that after the Coronavirus crisis, the decline in the tax collection from the economy, we have now gone beyond that.

The economy came out of recession

On 26 February, there was good news on the GDP front, after which India's economy technically came out of recession. GDP growth has been in the positive territory for the third quarter of the financial year 2020-21. According to the statistics of the Ministry of Statistics, GDP growth in the third quarter has been 0.4%. At the same time, GDP growth for the entire financial year is estimated to be -8%. The economy, which fell in the pit during the Coronavirus crisis, has now come out again, although it will take time to reach the earlier level.