Explorer

Budget 2022: GST Collection In January At Record Rs 1.40 Lakh Crore On Rapid Economic Growth, Says FM

January is the fourth month when the GST collections has crossed Rs 1.30 lakh crore, and seventh month in a row when the GST figure crossed the Rs 1-lakh crore mark

New Delhi: The Goods and Service Tax (GST) collections in January 2022 hit a staggering Rs 1.40 lakh crore, growth of 15 per cent over the year-ago period, the highest since the roll-out of the indirect tax regime.

Union Finance Minister Nirmala Sitharaman on Tuesday said this in the Lok Sabha, while presenting the Union Budget for 2022-23.

“Gross GST collection in January at record Rs 1.40 lakh crore; this has been possible due to rapid economic recovery,” the minister said.

ALSO READ | Union Budget 2022 For Defence: 68% Of Capital To Be Earmarked For Domestic Industry

January is the fourth month when the GST collections has crossed Rs 1.30 lakh crore, and seventh month in a row when the GST figure crossed the Rs 1-lakh crore mark. In December 2021, the GST collection was above Rs 1.29 lakh crore.

The revenues for January are more than 24 per cent higher than those witnessed a year ago, and over 35 per cent higher than the GST revenues collected in January 2020.

The second highest monthly GST collection was in April 2021 at Rs 1.39 lakh crore, while in December it was more than Rs 1.29 lakh crore.

The finance ministry on Monday said, “The gross GST revenue collected in the month of January 2022 till 3 PM on January 31, 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).”

ALSO READ | Budget 2022: 5G Spectrum Auctions To Be Conducted In 2022, Services To Roll Out in Next Fiscal

Total number of GSTR-3B returns filed up to January 30, 2022 is 10.5 million, which includes 3.6 million quarterly returns, the finance ministry said.

After a 6.6 per cent contraction in 2020-21, the economy made a smart recovery to an estimated 9.2 per cent growth in the current fiscal ending March 2022, on the back of vaccination programme and lifting of Covid-related restrictions.

The recovery has strengthened as the new Covid variant has been less devastating than the previous one, leading to fewer curbs on economic and business activities.

View More
Advertisement

IPL Auction 2025

Most Expensive Players In The Squad
Virat Kohli
₹21 CR
Josh Hazlewood
₹12.50 CR
Phil Salt
₹11.50 CR
View all
Most Expensive Players In The Squad
Rishabh Pant
₹27 CR
Nicholas Pooran
₹21 CR
Ravi Bishnoi
₹11 CR
View all
Most Expensive Players In The Squad
Jasprit Bumrah
₹18 CR
Suryakumar Yadav
₹16.35 CR
Hardik Pandya
₹16.35 CR
View all
Most Expensive Players In The Squad
Heinrich Klaasen
₹23 CR
Pat Cummins
₹18 CR
Abhishek Sharma
₹14 CR
View all
Most Expensive Players In The Squad
Ruturaj Gaikwad
₹18 CR
Ravindra Jadeja
₹18 CR
Matheesha Pathirana
₹13 CR
View all
Most Expensive Players In The Squad
Shreyas Iyer
₹26.75 CR
Arshdeep Singh
₹18 CR
Yuzvendra Chahal
₹18 CR
View all
Most Expensive Players In The Squad
Sanju Samson
₹18 CR
Yashaswi Jaiswal
₹18 CR
Riyan Parag
₹14 CR
View all
Most Expensive Players In The Squad
Venkatesh Iyer
₹23.75 CR
Rinku Singh
₹13 CR
Varun Chakaravarthy
₹12 CR
View all
Most Expensive Players In The Squad
Rashid Khan
₹18 CR
Shubman Gill
₹16.50 CR
Jos Buttler
₹15.75 CR
View all
Most Expensive Players In The Squad
Axar Patel
₹16.50 CR
KL Rahul
₹14 CR
Kuldeep Yadav
₹13.25 CR
View all
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Bangladesh: 1 Dead, 10 Injured As Clash Breaks Out In Chattogram Court Area After Chinmoy Das’s Arrest
Bangladesh: 1 Dead, 10 Injured As Clash Breaks Out In Chattogram Court Area After Chinmoy Das’s Arrest
27 Arrested, CCTV Being Scanned, List Of 100 'Miscreants' Prepared: Police On Sambhal Violence
27 Arrested, CCTV Being Scanned, List Of 100 'Miscreants' Prepared: Police On Sambhal Violence
‘Tried To Be Within Maryaada, Didn’t Do Any Encroachment’: PM Modi Quips At Supreme Court Constitution Day Event
‘Tried To Be Within Maryaada, Didn’t Do Any Encroachment’: PM Modi Quips At Constitution Day Event
Shiv Sena Leaders Met Ajit Pawar's NCP Faction To Seek Support For Eknath Shinde For CM's Chair
Shiv Sena Leaders Met Ajit Pawar's NCP Faction To Seek Support For Eknath Shinde For CM's Chair
Advertisement
ABP Premium

Videos

FIR Filed Against Sambhal MP Ziaur Rahman, Statement Released Amidst ControversyFIR Filed Against Sambhal MP Ziaur Rahman and Local MLA's Son in Controversial CaseSambhal Violence Sparks Political Firestorm, Congress MP Imran Masood's Strong Remarks | ABP NewsBreaking News: SP Leader Ram Gopal Yadav Reacts to Sambhal Violence | ABP News

Photo Gallery

Embed widget