In an indication of buoyancy in the economy, Goods and Services Tax collections rose 12 percent to more than Rs 1.49 lakh crore in February as domestic economic activities and consumer spending on high-end goods gained momentum.

Though the collections are lower than the January mop-up of Rs 1.58 lakh crore, which was also the second-highest monthly revenue figure since the rollout of GST on July 1, 2017. “Rs 1,49,577 crore gross GST revenue collected in February 2023; 12 percent higher than GST revenue in the same month last year,” the finance ministry said in a statement on Wednesday.

During the month, revenues from the domestic transaction (including import of services) were 15 percent higher while revenues from the import of goods were 6 percent higher compared to the same month last year.

In an indication of buoyancy in the economy, Goods and Services Tax collections rose 12 percent to more than Rs 1.49 lakh crore in February as domestic economic activities and consumer spending on high-end goods gained momentum.

Though the collections are lower than the January mop-up of Rs 1.58 lakh crore, which was also the second-highest monthly revenue figure since the rollout of GST on July 1, 2017. “Rs 1,49,577 crore gross GST revenue collected in February 2023; 12 percent higher than GST revenue in the same month last year,” the finance ministry said in a statement on Wednesday.

During the month, revenues from the domestic transaction (including import of services) were 15 percent higher while revenues from the import of goods were 6 percent higher compared to the same month last year.