January GST revenue collection crossed Rs 1 lakh crore

The total gross Goods and Services Tax (GST) revenue collected in the month of January reached Rs. 1,02,503 crore of which Central Goods and Services Tax (CGST) stands at Rs. 17,763 crore.

This year GST collection is 14 per cent higher compared to the corresponding period last year, which was Rs 89,825 crore.

The total collections for January are as follows: State Goods and Services Tax (SGST) stands at Rs 24,826 crore while Integrated Goods and Services Tax (IGST) was Rs 51,225 crore (including Rs 24,065 crore collected on imports). The Cess accounted for Rs 8,690 crore which include Rs 902 crore collected from imports.

The government has settled Rs 18,344 crore to CGST and Rs 14,677 crore to SGST from IGST as the regular settlement.

It is worth noting that in the financial year 2018-2019, it is for the third time that GST Revenue collection has crossed Rs One Lakh Crore. This is a significant increase as the revenue collection in December plummeted to Rs 94,725 crore, which was a decline from Rs 97,637 crore in November and Rs 1,00,710 crore in October.