Current Affairs

GST Revenue collection for January 2021 almost touches Rs 1.20 lakh crore

The Goods and Services Tax (GST) revenue collection for January 2021 has almost touched 1.2 lakh crore rupees. The Finance Ministry said, the gross GST revenue collected in January this year is 1 lakh 19 thousand 847 crore rupees of which CGST is 21 thousand 923 crore rupees, SGST is  29 thousand 14 crore rupees, IGST is 60 thousand 288 crore rupees including 27 thousand 424 crore rupees collected on import of goods. Cess is  8 thousand 622 crore rupees including 883 crore rupees collected on import of goods. The total number of GSTR-3B Returns filed for the month of December up to 31st January this year is 90 lakhs.

In line with the trend of recovery in the GST revenues over the past five months, the revenues for the month of January this year are 8 per cent higher than the GST revenues in the same month last year, which in itself was more than 1.1 lakh crore rupees. During the month, revenues from import of goods was 16 per cent higher and the revenues from domestic transactions including import of services are 6 per cent higher than the revenues 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  1.2 lakh crore rupees mark, exceeding last month’s record collection of 1.15 lakh crore rupees.

The GST revenues above 1 lakh crore rupees for the last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic. 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 the last few months. The average Year on Year 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.

The government has settled 24 thousand 531 crore rupees to CGST and 19 thousand 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 is 46 thousand 454 crore rupees for CGST and 48 thousand 385 crore for the SGST.

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