January GST Revenue At Record High Of Rs 1.2 Lakh Crore Ahead Of Budget
Goods and services tax or GST revenue collected in January stood at Rs 1.19 lakh crore, the finance ministry said on Sunday, in a record figure a day before the government unveils the country’s annual budget.
“The GST revenues during January 2021 are the highest since 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,” the finance ministry said in a statement.
Monthly GST revenues have been above Rs 1 lakh crore for the last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery following the COVID-19 pandemic, it said.
“The gross GST revenue collected in the month of January 2021 till 6 PM on 31.01.2021 is Rs 1,19,847 crore of which CGST is Rs 21,923 crore, SGST is Rs 29,014 crore, IGST is Rs 60,288 crore (including Rs 27,424 crore collected on import of goods) and cess is Rs 8,622 crore (including Rs 883 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of December up to 31st January 2021 is Rs 90 lakh,” the finance ministry said.
The revenues for January 2021 are 8 per cent higher than that in the same month last year, which was more than Rs 1.1 lakh crore.
During the month, revenue 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.
“Closer monitoring againstfake-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,” the government said.