E-Paper
January GST collection crosses Rs 1.1 lakh crore, second highest since launch
To augment revenue collection, the Revenue Secretary revised GST collection target to Rs 1.25 lakh crore for the last month of this financial year.
The Goods and Services Tax (GST) monthly collections have crossed the Rs 1.1 lakh crore mark for the second time since implementation of the new tax regime in 2017, the government said on Friday.
“The gross GST revenue collected in the month of January, 2020 is Rs 1,10,828 crore of which CGST is Rs 20,944 crore, SGST is Rs 28,224 crore, IGST is Rs 53,013 crore (including Rs 23,481 crore collected on imports) and Cess is Rs 8,637 crore (including Rs 824 crore collected on imports),” the government data said.
It is also the sixth time that the monthly GST revenue has topped Rs 1 lakh crore, it further said.
“The GST revenues during the month of January, 2020 from domestic transactions has shown an impressive growth of 12 per cent over the revenue during the month of January, 2019,” the data said.
The GST collection is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after a high-level meeting with senior tax officials earlier this month.
The total collection of GST revenue in December was Rs 1.03 lakh crore.
The number of GSTR 3B returns filed till Thursday was 83 lakh.
The government this month set an ambitious target of Rs 1.1 lakh crore monthly GST revenue for the remaining part of the current fiscal and asked taxmen to step up efforts to achieve the goal.
To augment revenue collection, the Revenue Secretary revised GST collection target to Rs 1.25 lakh crore for the last month of this financial year with specific focus on fraudulent input tax credit (ITC) claims as found in data analytics review.
It was empahsised GST authorities would look into the mismatch of supply and purchase invoices, data analytics of mismatch in GSTR-1, GSTR-2A and GSTR-3B, failure of filing returns, over invoicing, recuperation of fake or excess refunds availed beyond the permissible limits etc.
Around 40,000 companies have been red-flagged for excess or fraudulent ITC availment and other tax related wrongful issues through data analytics, out of 1.2 crore GST registrants and focus would be on these identified taxpayers, sources said.
