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

GST Revenue collection for January 2021 almost touches Rs. 1.20 lakh crore 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 crores, SGST is Rs. 29,014 crores, IGST is Rs. 60,288 crores (including Rs. 27,424 crores collected on import of goods) and Cess is Rs. 8,622 crores (including Rs. 883 crores 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 Rs. 24,531 crore to CGST and Rs. 19,371 crore to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of January 2021 is Rs. 46,454 crores for CGST and Rs. 48,385 crore for the SGST. In line with the trend of recovery in the GST revenues over the 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 Rs. 1.1 lakh crore. During the month, revenues from import of goods were 16% higher and the revenues from the domestic transactions (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 the introduction of GST and have almost touched the Rs. 1.2 lakh crore mark, exceeding the last month’s record collection of Rs. 1.15 lakh crore. GST revenues above Rs. 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 has also contributed to the steady increase in tax revenue over the 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. The chart below shows trends in monthly gross GST revenues during the current year.