Record GST Collection: Finance Minister Nirmala Sitharaman is going to present the country’s budget on today (1st February). Just before the budget a good news has arrived for the economy. GST collection of Rs 1.20 lakh crore has been done in January. It is to be noted here that this figure is the largest ever since GST was implemented.
Compared to GST collection in the same month last year, revenue of about 10 thousand crores is more. There was a GST collection of Rs 1.15 lakh crore last month.
According to the data, till 6 pm on 31 January, GST collection of Rs 1,19,847 crore has been done. It has a CGST of Rs 21,923 crore and SGST of Rs 29,014 crore. At the same time, IGST is Rs 60,288 crore. From December to January 21, 90 lakh GSTR-3B returns have been filed.
According to the Finance Ministry statement, “GST revenue collection stood at Rs 1,19,847 crore as on 31st of January 2021 at 6 pm. It includes Central GST (CGST) Rs 21,923 crore, States GST (SGST) Rs 29,014 crore, Integrated GST (IGST) Rs 60,288 crore (Rs 27,424 crore received from import of goods) and Cess Rs 8,622 crore (collected on import of goods 883 Including crores). “However, if GST sales returns are filed, there is scope for further increase in this figure.
A record GST of Rs 1.15 lakh crore was collected in December 2020, which was the highest after the new taxation was implemented. This was 12 percent higher than in December 2019. It can be said that due to the fast pace of recovery in the economy after the removal of lockdown restrictions, its direct impact also came in the revenue of Goods and Services Tax (GST).