Gross GST collections for Jan at Rs 1.41 lakh cr, highest ever: FM in Budget 2022
In her Budget speech, Sitharaman said, "The gross GST collections for the month of January 2022 are Rs 1,40,986 crore which is the highest since the inception of GST."
- Feb 1, 2022,
- Updated Feb 1, 2022 3:48 PM IST
Finance Minister Nirmala Sitharaman during her Budget speech for the financial year 2022-2023 stated that the gross Goods and Services (GST) Tax collections in January stood at Rs 1.41 lakh crore, highest ever.
In her Budget speech, Sitharaman said, "The gross GST collections for the month of January 2022 are Rs 1,40,986 crore which is the highest since the inception of GST."
She added that GST revenues are buoyant despite the pandemic and that although remarkable progress has been made in GST regime, there are still few challenges remaining.
She also thanked taxpayers saying that taxpayers deserve applause for the highest-ever GST collection.
Also Read: Budget 2022 Live Updates: Jan gross GST collections at a record Rs 1.41 lakh cr, says FM
Meanwhile, the net 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.
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.
Finance Minister Nirmala Sitharaman during her Budget speech for the financial year 2022-2023 stated that the gross Goods and Services (GST) Tax collections in January stood at Rs 1.41 lakh crore, highest ever.
In her Budget speech, Sitharaman said, "The gross GST collections for the month of January 2022 are Rs 1,40,986 crore which is the highest since the inception of GST."
She added that GST revenues are buoyant despite the pandemic and that although remarkable progress has been made in GST regime, there are still few challenges remaining.
She also thanked taxpayers saying that taxpayers deserve applause for the highest-ever GST collection.
Also Read: Budget 2022 Live Updates: Jan gross GST collections at a record Rs 1.41 lakh cr, says FM
Meanwhile, the net 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.
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.