GST revenue collection for January touches Rs 1.2 lakh crore

The GST revenue collection for January 2021 has almost touched 1.2 lakh crore rupees, the gross GST revenue collected in January is 1 lakh 19 thousand 847 crore rupees of which CGST is 21 thousand 923 crore rupees, SGST is 29 thousand 14 crore rupees, IGST is 60 thousand 288 crore rupees including 27 thousand 424 crore rupees collected on import of goods. Cess is 8 thousand 622 crore rupees including 883 crore rupees collected on import of goods. The total number of GSTR-3B Returns filed for the month of December up to 31st January 2021 is 90 lakhs.

According to the Ministry of Finance,the revenues for the month of January 2021 are 8 per cent higher than the GST revenues in the same month last year, which in itself was more than 1.1 lakh crore rupees.The GST revenues during January 2021 are the highest since introduction of GST and has almost touched the 1.2 lakh crore rupees mark, exceeding the last month’s record collection of 1.15 lakh crore rupees. GST revenues above 1 lakh crore rupees for a stretch

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 last few months. 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 per cent as compared to - 24 per cent during the first half of the year.of last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic. The government has settled 24 thousand 531 crore rupees to CGST and 19 thousand 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 46 thousand 454 crore rupees for CGST and 48 thousand 385 crore for the SGST.