Thursday, January 20, 2022

GST revenues touch record high of Rs 1.20 lakh cr in January

GST collections for January touched an all-time high of about Rs 1.20 lakh crore, the Finance Ministry said on Sunday.

The ministry said in line with the trend of recovery in the GST revenues over past five months, the revenues for the month of January 2021 are 8 per cent higher than that in the same month last year.

“The gross GST revenue collected in the month of January 2021 till 6pm 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 (including Rs 27,424 crore collected on import of goods) and Cess is Rs 8,622 crore (including Rs 883 crore collected on import of goods),” Finance Ministry said in a statement.

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The number could be upped further as more number of GST sales returns get filed.

GST revenues had topped Rs 1 lakh crore in nine out of 12 months of 2019-20 fiscal. However, in the current fiscal, the revenues have taken a hit due to the COVID-19 pandemic.

Revenue in April was Rs 32,172 crore, followed by Rs 62,151 crore in May, Rs 90,917 crore in June, Rs 87,422 crore in July, and Rs 86,449 crore in August. Collections in September were Rs 95,480 crore, Rs 1,05,155 crore in October, Rs 1,04,963 crore in November and Rs 1,15,174 crore in December.

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