Nagaland records 64% GST growth in February

Nagaland recorded Good and Service Tax (GST) growth of 64% in February 2023. A report from the Ministry of Finance on Wednesday stated that the growth of GST revenue has increased to 54% in February 2023 as compared to 33% in the corresponding year in February 2022.

The gross GST revenue collected in the month of February was INR 1,49,577 crore of which CGST was INR 27,662 crore. It stated that the SGST was INR 34,915 crore, while IGST was INR 75,069 crore (including INR 35,689 crore collected on import of goods) and Cess was INR 11,931 crore (including INR 792 crore collected on import of goods).

It stated that the government has settled INR 34,770 crore to CGST and INR 29,054 crore to SGST from IGST as regular settlement. The total revenue of centre and the states after regular settlements in the month of February 2023 was INR 62,432 crore for CGST and INR 63,969 crore for the SGST.

In addition, it updated that the centre had also released balance GST compensation of INR 16,982 crore for the month of June 2022 and INR 16,524 crore to states/ UTs which have sent AG certified figures for previous period.

The ministry stated that the revenues for the month of February 2023 are 12% higher than the GST revenues in the same month last year, which was INR 1,33,026 crore, and revenues from import of goods was 6% higher and the revenues from domestic transaction (including import of services) are 15% higher than the revenues from these sources during the same month last year.

It stated that February month witnessed the highest cess collection of INR 11,931 crore since implementation of GST, even though normally February being a 28 day month witnesses a relatively lower collection of revenue.