The Finance Ministry on 31 January 2021 said that the GST revenue Collection during January 2021 are the highest since the introduction of GST and have almost touched the ₹ 1.2 Lakh Crore mark, exceeding the last month’s record collection of ₹1.15 Lakh Crore. The ministry also added that the consistent collections of over Rs 1 Lakh Crore for the last 4 months and the sharp increasing trend over January were clear indicators of rapid economic recovery post pandemic. Closer monitoring against fake-billings, 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 gross GST revenue collection in the month of January 2021 till 6pm on 31 January, 2021 stood at Rs 1,19,847 Crore of which CGST was Rs 21,923 Crore, SGST was Rs 29,014 Crore, IGST was Rs 60,288 Crore, which included Rs 27,424 Crore collected on import of goods. From the total collections, cess was Rs 8,622 Crore which included Rs 883 Crore collected on imports. Around 90 Lakh GSTR-3B returns were filed for the month of December up to January 31, 2021.
The government has settled Rs 24,531 Crore to CGST and Rs 19,371 Crore to SGST from IGST as regular settlement. After the regular settlement, the total revenue earned by Central Government and the State Governments in the month of January is Rs 46,454 Crore for CGST and Rs 48,385 Crore for the SGST.
The chart below shows trends in monthly Gross GST revenues during the current Year.
Source: GST collections for Jan 2021 touch all-time high of Rs 1.2 lakh crore
Knowledge Source:
13th Weekly Instalment of GST Compensation Released