Jan's GST Collection Hits All-time High of Nearly Rs.1.2 lakh Crore

The GST revenue collection in the month of January 2021 stood at nearly Rs.1.2 lakh crore. It is an all-time high since the introduction of GST regime, said he finance ministry.

According to the Finance Ministry statement, “It consists of CGST is ₹ 21,923 crore, SGST is Rs,29,014 crore, IGST is Rs.60,288 crore (including Rs.27,424 crore collected on import of goods) and Cess is Rs.8,622 crore (including Rs.883 crore collected on import of goods).

The government has settled Rs.24,531 crore to CGST and Rs.19,371 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of January 2021 is Rs.46,454 crore for CGST and Rs.48,385 crore for the SGST.

The consistent collections of over Rs.1 lakh crore for the last four months and a steep increasing trend over January were clear indicators of rapid economic recovery post pandemic, the ministry further added.

The economy was badly hit by the pandemic infused lockdowns and its relevant side effects. However, the GST revenue collection growth is a positive sign. The Ministry attributed the continued rise in collections to closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income tax and customs IT systems and effective tax administration.

The finance ministry added that the average year-on-year growth in GST revenue over the first four months in the second half of the financial year has been eight percent as compared to (-) 24 percent during the first half of the year. It also said that during the month, revenues from import of goods was 16 percent higher and the revenues from domestic transaction are six percent higher than the revenues from these sources during the same month last year.

The government in a statement said, “GST revenues above Rs.1 lakh crore for a stretch of last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic.”

Of the total collections, cess was Rs.8,622 crore which included Rs.883 crore collected on imports.

About 90 lakh GSTR-3B returns were filed for the month of December up to January 31, 2021.

The government has settled Rs.24,531 crore to CGST and Rs.19,371 crore to SGST from IGST as regular settlement.

The total revenue earned by Central Government and the State Governments after regular settlement in the month of January is Rs.46,454 crore for CGST and Rs.48,385 crore for the SGST.