Finance Ministry on Monday reported that collection from Goods & Services Tax (GST) in January crossed ₹1.38-lakh crore. It is 15 per cent higher than January of last fiscal and 25 per cent higher than January 2020.

This is for the fourth time GST collection has crossed ₹1.30-lakh crore mark. The number is up to 3 pm till 3 pm on Monday.

Related Stories
Collective effort & overcoming a few challenges will make India a global manufacturing centre
The former Managing Director of Mahindra & Mahindra Ltd has said India should focus on low hanging fruits in the manufacturing sector
READ NOW

A statement from the Finance Ministry noted that 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 November 2021. “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 rationalization measures undertaken by the Council to correct inverted duty structure,” it said while expecting that the positive trend in the revenues will continue in the coming months as well.

The revenues for January 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. 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 per cent higher than the revenues from these sources during the same month last year.

Of total collection, CGST is ₹24,674 crore, SGST is ₹32,016 crore, IGST is ₹72,030 crore (including ₹35,181 crore collected on import of goods) and cess is ₹9,674 crore (including ₹517 crore collected on import of goods). The highest monthly GST collection has been ₹1,39,708 crore in April. Total number of GSTR-3B returns filed up to January 30 is 1.05 crore that includes 36 lakh quarterly returns.

Related Topics
comment COMMENT NOW