January GST Revenue At Record High Of Rs 1.2 Lakh Crore Ahead Of Budget

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January GST Revenue At Record High Of Rs 1.2 Lakh Crore Ahead Of Budget

GST revenues for January 2021 are 8 per cent greater than that in the identical month final 12 months.

New Delhi:

Items and companies tax or GST income collected in January stood at Rs 1.19 lakh crore, the finance ministry stated on Sunday, in a report determine a day earlier than the federal government unveils the nation’s annual price range.

“The GST revenues throughout January 2021 are the best since introduction of GST and has nearly touched the Rs 1.2 lakh crore mark, exceeding the final month’s report assortment of Rs 1.15 lakh crore,” the finance ministry stated in an announcement.

Month-to-month GST revenues have been above Rs 1 lakh crore for the final 4 months and a steep growing pattern over this era are clear indicators of fast financial restoration following the COVID-19 pandemic, it stated.

“The gross GST income collected within the month of January 2021 until 6 PM on 31.01.2021 is Rs 1,19,847 crore of which CGST is Rs 21,923 crore, SGST is Rs 29,014 crore, IGST is Rs 60,288 crore (together with Rs 27,424 crore collected on import of products) and cess is Rs 8,622 crore (together with Rs 883 crore collected on import of products). The overall variety of GSTR-3B Returns filed for the month of December as much as thirty first January 2021 is Rs 90 lakh,” the finance ministry stated.

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The revenues for January 2021 are 8 per cent greater than that in the identical month final 12 months, which was greater than Rs 1.1 lakh crore.

Throughout the month, income from import of products was 16 per cent greater and the revenues from home transactions (together with import of companies) are 6 per cent greater than the revenues from these sources throughout the identical month final 12 months.

“Nearer monitoring againstfake-billing, deep information analytics utilizing information from a number of sources together with GST, Earnings-tax and customs IT programs and efficient tax administration have additionally contributed to the regular improve in tax income over previous few months,” the federal government stated.

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