GST Revenue Collection for January Almost Touched Rs 1.20 lakh Crore, says Finance Ministry

The tax collection is higher than the December 2020 record set in the last round, which witnessed an unexpected rise of 11.6 per cent.

The government on Sunday released a statement saying that the Goods and Services Tax (GST) revenue collection for January 2021 has touched nearly Rs 1.20 lakh crore. The tax collection is higher than the December 2020 record set in the last round, which witnessed an unexpected rise of 11.6 per cent.

“The gross GST revenue collected in the month of January 2021 till 6 PM on Sunday is ₹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 ₹27,424 crore collected on import of goods) and Cess is ₹8,622 crore (including Rs 883 crore collected on import of goods),” the Union finance ministry said in a statement.

According to the statement released by the finance ministry, the total number of GSTR-3B returns filed for December up to January 31 is 90 lakh.

The cumulative revenue earned by the Centre and state governments after regular settlement in January 2021 is Rs 46,454 crore for CGST and Rs 48,385 crore for the SGST. The revenue for the first month of 2021 is 8% higher than the GST revenues in the same month last year, which in itself was more than ₹1.1 lakh crore.

The statement underlined that the factors like 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 played an important role to the steady increase in tax revenue over the last few months.

Marking an upward trend in trade, revenues from import of goods were 16% higher and the revenues from domestic transactions, including import of services, are 6% higher than the revenues from these sources during the same month last year, the statement read.

GST revenues above ₹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 after the coronavirus pandemic.