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Goods and Services Tax (GST) collections for February declined to Rs 1.33 lakh crore, down 5.6 percent from the first month of 2022, data released on March 1 by the finance ministry showed.

Of the total, Central GST was Rs 24,435 crore, State GST was Rs 30,779 crore, Integrated GST was Rs 67,471 crore, and compensation cess was Rs 10,340 crore.

Also Read: No adversarial relationship between Centre and states on GST: FM Sitharaman

In February, the government settled Rs 26,347 crore to Central GST and Rs 21,909 crore to State GST from Integrated GST. As such, the total revenue for the month post settlement was Rs 50,782 crore for the Centre and Rs 52,688 crore for State GST.

"February, being a 28-day month, normally witnesses revenues lower than that in January. This high growth during February 2022 should also be seen in the context of partial lockdowns, weekend and night curfews and various restrictions that were put in place by various States due to the omicron wave, which peaked around January 20," the finance ministry said in a statement.

While total GST collections declined sequentially last month, they were up 17.6 percent from February 2021. This is also the eighth month in a row that total GST mop-up has come in above the Rs 1-lakh-crore mark.

The GST compensation cess collected in February is the highest ever, crossing the Rs 10,000-crore mark for the first time. The finance ministry said this indicated a recovery in certain key sectors, such as automobiles.

Also Read| Investor-founder relation in India is one of master-slave: Ashneer Grover

In his resignation letter to the Board, BharatPe co-founder Ashneer Grover has hit out at the investors in his company. In the wee hours of Tuesday, the embattled founder of the fintech unicorn quit as the managing director and one of the directors of the Board.

Shedding light on his fraught relationship with the company’s investors, Grover wrote: "You treat us founders as slaves – pushing us to build multi-billion-dollar businesses and cutting us down at will. Investor-founder relation in India is one of master-slave. I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again."

"None of you, including the ones based in India, have ever been to our office even once, since the pandemic turned our lives upside down and sought to suffocate the economy. Not even once. Not Micky. Not Harshjit. Not Mohit. Not Teru San. Not Rahul. Not Deven. No one. None of you even turned-up despite an invitation for the inauguration of our new office," he added.

Grover was referring to Micky Malka of Ribbit Capital, Harshjit Sethi of Sequoia, Teruhide Sato of Beenext, Rahul Vijay Kishore of Coatue, and Deven Parekh of Insight Partners.

Ribbit Capital owns 11 per cent of shareholding in the company, Beenext holds 9.6 per cent, Sequoia 19.6 per cent, Coatue 12.4 per cent, according to data from Tracxn. Insight Partners holds around 10 per cent of the company, according to media reports.

Grover has resigned amid a tussle in the company where Grover has found himself on the opposite side of the Board, key investors in the company and his co-founders.

Meanwhile, the Singapore International Arbitration Centre (SIAC) has refused to grant emergency relief to Grover from a governance review being conducted by the company, according to sources.

Earlier this month, he had filed an arbitration plea earlier this month to stop a probe into alleged financial mismanagement in the company. The BharatPe MD, who went on leave last month till March-end, is also said to be seeking indemnity against future action by the company through the plea.

The company and Grover are also reportedly in talks to settle the matter by buying out the latter’s stake in the unicorn. Grover’s stake of 9.5 per cent in the company was worth Rs 1,915 crore based on the last funding round in August, when BharatPe was valued at $2.8 billion.

The prices of 19 kg commercial LPG cylinders have been increased by Rs 105 in Delhi from March 1, news agency ANI reported.

Following the price hike, the 19 kg commercial cylinder will cost Rs 2,012 in the national capital from Tuesday. The price of a 5 kg cylinder has also been increased by Rs 27. Now a 5 kg cylinder will cost Rs 569 in Delhi.

Following the given hike, commercial gas cylinders in Kolkata will now cost Rs 2,089. In Mumbai, commercial gas will now cost Rs 1,962 with the hike of Rs 105. Chennai also saw a hike of Rs 105 with the price of a 19-kg commercial gas cylinder rising to Rs 2,185.5.

On the other hand, there has been no change in domestic LPG cylinder prices. LPG Cylinder rates are revised monthly across all the states and union territories in India

Notably, the National Oil Marketing companies slashed the prices of 19 kg commercial LPG cylinder by Rs 91.50 on February 1, ahead of the Union Budget 2022.

On January 1, oil marketing companies had slashed the price of 19 kg commercial LPG cylinder by Rs 102.50.

On December 1, Commercial cooking gas price was increased by Rs 100, taking the cost of a 19 kg commercial LPG cylinder to Rs 2,101 in Delhi. This was the second-highest price of the commercial cylinder after 2012-13 when it cost around Rs 2,200 per cylinder.

In November, the commercial cooking gas prices were increased by Rs 266.

Price hike in coming months

A sharp rise in cooking gas prices is expected from April 2022, according to various media reports. Reportedly, the prices of compressed natural gas (CNG), Piped Natural Gas (PNG), and even electricity could also rise in the coming months.

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