Central and state governments collected ₹________ trillion in goods and services tax (GST) in February 2023, up around 12% on an annual basis.

The correct answer is ₹1.49 trillion.

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• Central and state governments collected ₹1.49 trillion in goods and services tax (GST) in February 2023, up around 12% on an annual basis.

 Key Points

• India’s GST revenue in February 2022 was ₹1.33 trillion.
• With this, the monthly GST revenues remained over ₹1.4 trillion for 12 straight months in a row.
• The collection reached an all-time high of Rs 1.68 lakh crore in April 2022.
• The gross GST revenue collected in the month of February 2023 is ₹1,49,577 crore of which:
  • CGST is ₹27,662 crore
  • SGST is ₹34,915 crore
  • IGST is ₹75,069 crore (including ₹35,689 crore collected on import of goods)
• The month witnessed the highest cess collection of ₹11,931 crore since the implementation of GST in 2017.

Additional Information

• GST:
  • Goods and Services Tax (GST) is a successor to VAT (Value-Added Tax) used in India on the supply of goods and services.
  • Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%.
  • The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government.