E-Paper
GST revenue collection for January almost touched ₹1.20 lakh crore: Govt
The revenues for the month of January 2021 are 8% higher than the GST revenues in the same month last year, which in itself was more than ₹1.1 lakh crore.
Recording the highest monthly tax collection, the Goods and Services Tax (GST) revenue collection for January 2021 has touched nearly ₹1.20 lakh crore, the government said on Sunday. 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 ₹21,923 crore, SGST is ₹29,014 crore, IGST is ₹60,288 crore (including ₹27,424 crore collected on import of goods) and Cess is ₹8,622 crore (including ₹883 crore collected on import of goods)," the Union finance ministry said in a statement.
The total number of GSTR-3B returns filed for December up to January 31 is 90 lakh, the statement added. The cumulative revenue earned by the Centre and state governments after regular settlement in January 2021 is ₹46,454 crore for CGST and ₹48,385 crore for the SGST, the finance ministry said in the release. 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.
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.
The revenues for the month of January 2021 are 8% higher than the GST revenues in the same month last year, which in itself was more than ₹1.1 lakh crore. Highest since the introduction of GST, the revenue has almost touched the ₹1.2 lakh crore mark, exceeding last month’s record collection of ₹1.15 lakh crore, the official 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.
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 contributed to the steady increase in tax revenue over the last few months, the statement underlined.
