GST collections for Jan 2021 touch all-time high of Rs 1.2 lakh crore

GST collections for Jan 2021 touch all-time high of Rs 1.2 lakh crore

Goods and service tax (GST) collections for January 2021 touched an all-time high of Rs 1.19 lakh crore since introduction of GST regime, the finance ministry said Sunday.

“The GST revenues during January 2021 are the highest since the introduction of GST and have almost touched the ₹ 1.2 lakh crore mark, exceeding last month’s record collection of ₹1.15 lakh crore,” the ministry said.

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 added.

It 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 average year-on-year growth in GST revenue over the first four months in the second half of the financial year has been 8% as compared to (-) 24% during the first half of the year, the ministry added.

GST collections for January 2021 – touching the Rs 1.2 lakh crore mark – were 8% higher than last year collections of over Rs 1.1 lakh crore. During the month, revenues from import of goods was 16% higher and the revenues from domestic transactions including import of services, was 6% higher in the same period.

The gross GST revenue collected in the month of January 2021 till 6pm on January 31, 2021 stood at Rs 1,19,847 crore of which central GST was Rs 21,923 crore, state GST was Rs 29,014 crore, integrated GST was Rs 60,288 crore, which included Rs 27,424 crore collected on import of goods. 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.

Source: Economic-Times

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