GST Revenues  collected in Feb-21 registered a print of 1.13 lakh crores.

Insight: It has been 44 months since the inception of the Goods and Services Tax. The monthly run rate of GST is 94,400 crores. The latest print of 1.13 lakh crore is 20% higher than this 44 month average and 22% higher than  the 12 month average. Revenues under CGST and SGST were rupees 21,092 crores and 27,273 crore, respectively. Revenues under IGST and Cess were rupees 55,253 crores and 9525 crores, respectively. Pick up in Non-Oil imports is visible in GST collections as IGST, which contributes to nearly half of total GST has seen its IGST imports component rise by 20% over its 3 month average vs 5% for CGST, 2% for SGST, 3% for CESS and 16% for headline IGST. Low base and imports recovery is driving buoyant GST collections. Going forward, a more favourable base effects are likely to result in double digits growth in GST collections.

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