GST collections in Jan cross Rs 1.3 lakh cr-mark for fourth time
Total number of GSTR-3B returns filed up to January 30, 2022 is 1.05 crore that includes 36 lakh quarterly returns, it added.
- Jan 31, 2022,
- Updated Jan 31, 2022 8:16 PM IST
The central government's goods and services tax (GST) collection in January crossed Rs 1.38 lakh crore, a growth of 15 per cent over the year-ago period, the Finance Ministry on Monday stated.
Total number of GSTR-3B returns filed up to January 30, 2022 is 1.05 crore that includes 36 lakh quarterly returns, it added.
January is the fourth month when Goods and Services Tax collection has crossed Rs 1.30 lakh crore.
"GST collection crossed Rs 1.30 lakh crore mark for the 4th time. Rs 1,38,394 crore Gross GST Revenue collected for Jan 2022. Revenues for month of Jan 2022 15% higher than GST revenues in the same month last year & 25% higher than the GST revenues in January 2020," Ministry of Finance said in an official statement.
Further, the government has settled Rs 29,726 crore to CGST and Rs 24,180 crore to SGST from IGST as regular settlement.
In addition, Centre has also settled Rs. 35,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of Centre and the States in the month of January 2022 after regular and ad-hoc settlements is Rs 71,900 crore for CGST and Rs 73,696 crore for the SGST.
The ministry also added that the Centre also released GST compensation Rs 18,000 crore in January’2022 to States/UTs.
During the month, revenues from import of goods was 26 per cent higher and the revenues from domestic transaction (including import of services) are 12% higher than the revenues from these sources during the same month last year.
In addition, 6.7 crore e-way bills were generated in the month of December 2021 which is 14 per cent higher than 5.8 crore e-way bills generated in the month of November 2021.
The highest monthly GST collection has been Rs 1,39,708 crore in the month of April 2021. The revenues for the month of January 2022 are 15 per cent higher than the GST revenues in the same month last year and 25 per cent higher than the GST revenues in January 2020.
''Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure,'' the ministry said.
It is expected that the positive trend in the revenues will continue in the coming months as well, it added.
The central government's goods and services tax (GST) collection in January crossed Rs 1.38 lakh crore, a growth of 15 per cent over the year-ago period, the Finance Ministry on Monday stated.
Total number of GSTR-3B returns filed up to January 30, 2022 is 1.05 crore that includes 36 lakh quarterly returns, it added.
January is the fourth month when Goods and Services Tax collection has crossed Rs 1.30 lakh crore.
"GST collection crossed Rs 1.30 lakh crore mark for the 4th time. Rs 1,38,394 crore Gross GST Revenue collected for Jan 2022. Revenues for month of Jan 2022 15% higher than GST revenues in the same month last year & 25% higher than the GST revenues in January 2020," Ministry of Finance said in an official statement.
Further, the government has settled Rs 29,726 crore to CGST and Rs 24,180 crore to SGST from IGST as regular settlement.
In addition, Centre has also settled Rs. 35,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of Centre and the States in the month of January 2022 after regular and ad-hoc settlements is Rs 71,900 crore for CGST and Rs 73,696 crore for the SGST.
The ministry also added that the Centre also released GST compensation Rs 18,000 crore in January’2022 to States/UTs.
During the month, revenues from import of goods was 26 per cent higher and the revenues from domestic transaction (including import of services) are 12% higher than the revenues from these sources during the same month last year.
In addition, 6.7 crore e-way bills were generated in the month of December 2021 which is 14 per cent higher than 5.8 crore e-way bills generated in the month of November 2021.
The highest monthly GST collection has been Rs 1,39,708 crore in the month of April 2021. The revenues for the month of January 2022 are 15 per cent higher than the GST revenues in the same month last year and 25 per cent higher than the GST revenues in January 2020.
''Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure,'' the ministry said.
It is expected that the positive trend in the revenues will continue in the coming months as well, it added.