Team News Riveting
The Goods and Services Tax (GST) revenues during January 2021 are the highest since introduction and have almost touched the Rs 1.2 lakh crore mark, exceeding the last month’s record collection of Rs 1.15 lakh crore.
The gross GST revenue collected in the month of January 2021till 6PM on January 31, 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 (including Rs 27,424 crore collected on import of goods) and Cess is Rs 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 January 31, 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 Central Government and the State Governments after regular settlement in the month of January 2021 is Rs 46,454 crore 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 per cent 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 was 16 per cent higher and the revenues from domestic transactions (including import of services) are 6 per cent 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 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 have also contributed to the steady increase in tax revenue over the last few months.
The average year-on-year (YoY) growth in GST revenue over the first four months in the second half of the financial year has been 8 per cent as compared to (-) 24 per cent during the first half of the year.
