In line with the trend of recovery in the GST revenues over the past five months, the revenues for the month of January are eight percent higher than the GST revenues in the same month last year, which in itself was more than Rs 1.1 lakh crore
New Delhi: The Goods and Services Tax (GST) revenue collection for January has almost touched Rs 1.20 lakh crore, the Ministry of Finance said here on Sunday.
The Ministry said in a statement here, “The gross GST revenue collected in the month of January till 1800 hrs on January 31 is Rs 1,19,847 crore, of which CGST is Rs 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 total number of GSTR-3B Returns filed for the month of December up to January 31 is Rs 90 lakh. The government has settled Rs 24,531 crore to CGST and Rs 19,371 crore to SGST from IGST as regular settlement, it added.
The total revenue earned by the 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.
The statement said, “In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of January are eight percent higher than the GST revenues in the same month last year, which in itself was more than Rs 1.1 lakh crore.”
“The average YoY 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,” the statement added.
During the month, revenues from the import of goods were 16 percent higher and the revenues from the domestic transactions (including import of services) were six percent higher than the revenues from these sources during the same month last year.
The GST revenues during January have been the highest since the introduction of GST and almost touched the Rs 1.2 lakh crore mark, exceeding the last month’s record collection of Rs 1.15 lakh crore.
GST revenues above Rs 1 lakh crore for a stretch of the last four months and a steep increasing trend over this period were clear indicators of rapid economic recovery, post the pandemic.
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, have also contributed to the steady increase in tax revenue over the past few months.