SME Times News Bureau | 31 Jan, 2021
The gross GST revenue collected in the month of
January 2021till 6PM on 31.01.2021 is ₹ 1,19,847 crore of which CGST is ₹
21,923 crore, SGST is ₹ 29,014 crore, IGST is ₹ 60,288 crore
(including ₹ 27,424 crore collected on import of goods) and Cess is ₹ 8,622
crore (including ₹ 883crore collected on import of goods).
The total number of GSTR-3B Returns filed for the
month of December up to 31st January 2021 is 90 lakhs.
The government has settled ₹ 24,531 crore to CGST
and ₹ 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 is
₹ 46,454 crore for CGST and ₹ 48,385 crore for the SGST.
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%
higher than the GST revenues in the same month last year, which in itself
was more than ₹ 1.1 lakh crore.
During the month, revenues from import of goods was
16% higher and the revenues from domestic transaction (including import
of services) are 6% higher than the revenues from these sources during
the same month last year.
The GST revenues during January 2021 are the
highest since introduction of GST and has almost touched the ₹ 1.2 lakh crore
mark, exceeding the last month’s record collection of ₹1.15 lakh crore. GST
revenues above ₹ 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.
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.
The average YoY growth in GST revenue over the
first four months in the second half of the financial year has been 8%
as compared to (-) 24% during the first half of the year.