GST revenue compilation blows all-time high of approximately ₹1.2 lakh crore in January 2021

The gross GST revenue obtained in January 2021till till 6 PM on 31st January is ₹ 1,19,847 crore. It consists of ₹ 21,923 crores of GST, ₹ 29,014 crores of SGST, IGST is ₹ 60,288 crores also containing ₹ 27,424 crores collected on import of goods and the Cess is ₹ 8,622 crores encompassing ₹ 883crore collected on import of goods, by the statement of Finance Ministry. The total number of GSTR-3B Returns filed is 90 lakhs for December up to 31 January 2021. The government has settled the CGST of ₹ 24,531 crores and ₹ 19,371 crores to SGST from IGST as a formal payment. The total revenue collected by the central government and the state governments post a proper payment is ₹ 48,385 crores for the SGST and ₹ 46,454 crores for CGST in January 2021

In line with the trend of a comeback in the GST revenues over the last five months, the revenues are 8% higher for January 2021 than the GST revenues in the same month previous year, which in itself was more than ₹ 1.1 lakh crore. The revenues from during the month, import of goods were 16% taller and the revenues from the domestic transaction including import of services are 6% taller than the incomes from these streams during the similar month previous year, the Finance Ministry said. During January 202, the GST revenues have been impressive since the beginning of GST and have nearly stroked the mark of ₹ 1.2 lakh crore dot, surpassing the previous month’s record collection of ₹1.15 lakh crore. The government in an announcement had said that the GST revenues over ₹ 1 lakh crore for a span of the previous four months and a vertical improving trend over this duration are obvious pointers of immediate recovery of the economy post-pandemic.

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