Banking & FinanceFinanceGSTInFocus

GST Collection In January To Touch Rs 1.2 Lakh Crores

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The gross GST revenue collected in January 2021 reached a record level of Rs 1,19,847 crore.

GST Data of Previous Months

Out of the total GST collection, CGST was Rs 21,923 crore, SGST was Rs 29,014 crore, IGST was Rs 60,288 crore (including Rs 27,424 crore collected on import of goods) and cess was Rs 8,622 crore (including Rs 883 crore collected on import of goods), a Finance Ministry statement said.

The total number of GSTR-3B returns filed for the month of December up to January 31, 2021 was 90 lakh.

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 2021 was Rs 46,454 crore for CGST and Rs 48,385 crore for the SGST.

GST Revenue Growth

In line with the trend of recovery in the GST revenues over past five months, 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 Rs 1.1 lakh crore.

During the month, revenue from import of goods was 16 per cent higher and the revenue from domestic transaction (including import of services) was 6 per cent higher than the revenue from these sources during the same month last year.

The GST revenues during January 2021 are the highest since the introduction of GST and has almost touched the Rs 1.2 lakh crore mark, exceeding the last month’s record collection of Rs 1.15 lakh crore.

GST revenues above Rs 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 post-pandemic.

Impact of GST Fraud Detections

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, said the statement.

The average YoY 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.

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