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Budget cheer for government: GST collection in January stands at Rs 1.38 lakh crore

With this, the GST collection crossed Rs 1.30 lakh crore-mark for the fourth consecutive month.

January 31, 2022 / 09:21 PM IST

The goods and services tax (GST) collection crossed the Rs 1.30 lakh crore-mark for the fourth time as the Government of India collected Rs 1,38,394 crore gross GST revenue for January 2022, the Ministry of Finance said on January 31.

The last time the Centre’s GST collection stood below the 1.30 lakh crore mark was in September 2021, when it collected a gross GST revenue of Rs 1.17 lakh crore.

The Government of India recorded its highest monthly GST collection at Rs 1.39 lakh crore in April 2021.

Revenues for the month of January 2022 were 15 percent higher than GST revenues in the same month last year and 25 percent higher than the GST revenues in January 2020, the ministry said.

The union ministry added that the total number of GSTR-3B returns filed up to January 30, 2022, stands at 1.05 crore, including 36 lakh quarterly returns.

“The gross GST revenue collected in the month of January 2022 till 3 PM on 31.01.2022 is Rs 1,38,394 crore of which CGST is Rs 24,674 crore, SGST is Rs 32,016 crore, IGST is Rs 72,030 crore (including Rs 35,181 crore collected on import of goods) and cess is Rs 9,674 crore (including Rs 517 crore collected on import of goods),” the ministry said.

“Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure,” the Finance Ministry said.

“It is expected that the positive trend in the revenues will continue in the coming months as well,” it added

(With PTI inputs)

Moneycontrol News
first published: Jan 31, 2022 07:32 pm