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GST collection touched all-time high to nearly ₹ 1.20 lakh crore in January, Finance Ministry reported on Sunday. Also, monthly return filing has touched 90 per cent now.
According to a Finance Ministry statement, the gross GST revenue collected in January 2021 till 6 pm on Sunday is ₹ 1,19,847 crore. This is 8 per cent higher than the corresponding month of 2020. During the month, revenues from import of goods were 16 per cent higher, and the revenues from the domestic transaction (including import of services) are 6 per cent higher than the revenues from these sources during the same month last year.
“GST revenues above ₹ 1 lakh crore for a stretch of last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery post-pandemic. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months,” the statement said.
The average Year-on-Year growth in GST revenue over the first four months in the second half of the financial year has been 8 per cent compared to (-) 24% during the first half of the year.
Collection in January comprises of ₹ 21,923 crore CGST, ₹ 29,014 crore SGST and ₹ 60,288 crore (including ₹ 27,424 crore collected on import of goods) IGST. Cess collected was ₹ 8,622 crore (including ₹ 883 crore collected on import of goods). The total number of GSTR-3B Returns filed for December up to January 31 was 90 lakhs.
Commenting on the latest number, MS Mani, Senior Director with Deloitte India said that in addition to the sustained economic revival witnessed in the past few months, the increased GST collections are also on account of the initiatives taken by the tax administration to curtail evasion, monitor input tax credits and build taxpayer profiles based on other databases.
“The surge in GST collections observed during the past four months is expected to be sustained in the coming months of the current fiscal with more of service sector activities like aviation, hospitality, entertainment etc. opening up across states since January 21, he said.
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