Union Budget 2021: January GST Collection Sets New Record High Of 1.2 Lakh Crore

Goods and service tax (GST) collections for January 2021 touched an all-time high of Rs 1.19 lakh crore creating a significant record.

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Ahead of the Union Budget 2021, The Goods and Services Tax collection for the month of January 2021 hit a new record of Rs 1.19 lakh crore, the Finance Ministry informed on Sunday. The tax collection is higher than the December 2020 record set in the last round, which witnessed an unexpected rise of 11.6 per cent.

"The GST revenues during January 2021 are the highest since the introduction of GST and have almost touched the ₹ 1.2 lakh crore mark, exceeding last month’s record collection of ₹1.15 lakh crore," the Finance Ministry said.

The consistent collections of over Rs 1 lakh crore for the last four months and a steep increasing trend over January were 'clear indicators of rapid economic recovery' post-pandemic, the ministry added.

"The gross GST revenue collected in the month of January 2021 till 6 PM on 31.01.2021 is ₹ 1,19,847 crore of which CGST is ₹ 21,923 crore, SGST is ₹ 29,014 crore, IGST is ₹ 60,288 crore (including ₹ 27,424 crore collected on import of goods) and cess is ₹ 8,622 crore (including ₹ 883 crore 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 lakh," the finance ministry said.

Marking an upward trend in trade, revenues from import of goods were 16% higher and the revenues from domestic transactions, including import of services, are 6% higher than the revenues from these sources during the same month last year, the statement read.

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 ₹1.1 lakh crore. Highest since the introduction of GST, the revenue has almost touched the ₹1.2 lakh crore mark, exceeding last month’s record collection of ₹1.15 lakh crore, the official statement read.

The gross GST revenue collected in the month of January 2021 till 6pm on January 31, 2021 stood at Rs 1,19,847 crore of which central GST was Rs 21,923 crore, state GST was Rs 29,014 crore, integrated GST was Rs 60,288 crore, which included Rs 27,424 crore collected on import of goods. Of the total collections, cess was Rs 8,622 crore which included Rs 883 crore collected on imports.

About 90 lakh GSTR-3B returns were filed for the month of December up to January 31, 2021.

 

(With PTI Inputs)