GST Revenue of Rs 138394 Crore Collected in January 2022

GST Revenue of Rs 138394 Crore Collected in January 2022 The Gross GST income collected in January 2022 until 3 p.m. on 31.01.2022 was Rs 1,38,394 crore, with the CGST at Rs 24,674 crore, the SGST at Rs 32,016 crore, the IGST at Rs 72,030 crore (including Rs 35,181 crore collected on imports of goods) and the cess at Rs 9,674 crore (including Rs 517 crore collected on import of goods). In the month of April 2021, the highest monthly GST collection was Rs 1,39,708 crore. Up till the 30th of January 2022, 1.05 crore GSTR-3B forms were filed, including 36 lakh quarterly returns. As part of the monthly settlement, the government has paid Rs 29,726 crore to the CGST and Rs 24,180 crore to the SGST. In addition, the Centre has paid Rs. 35,000 crore in IGST on an ad hoc basis in a 50:50 split between the Centre and the States/UTs this month. After regular and ad-hoc settlements, the total income of the Centre and the States in January 2022 is Rs 71,900 crore for the CGST and Rs 73,696 crore for the SGST. GST compensation of Rs 18,000 crore was also disbursed by the Centre to States and UTs in January 2022. The GST revenues in January 2022 are 15% higher than the same month last year and 25% higher than the GST revenues in January 2020. Revenues from imports of products were 26 percent higher during the month, while revenues from domestic transactions (including imports of services) were 12 percent higher than in the same month the previous year. GST collection has already surpassed Rs 1.30 lakh crore for the fourth time. In December 2021, 6.7 crore e-way invoices were issued, which is 14% more than the 5.8 crore generated in November 2021. Anti-evasion activities, particularly action against false billers, have contributed to the increased GST, which has been paired with economic recovery. The Council's various rate rationalisation actions to remedy the inverted duty structure have also contributed to the increase in revenue. The positive trend in revenues is projected to continue in the following months as well.