GST Collection Hits Record High In January

The gross GST revenue collected in the month of January 2021 till 6PM on 31.01.2021 is Rs 1,19,847 crore of which CGST is Rs 21,923 crore, SGST is Rs 29,014 crore, IGST is Rs 60,288 crore (including Rs 27,424 crore collected on import of goods) and Cess is Rs 8,622 crore (including Rs 883 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of December up to 31st January 2021 is 90 lakhs.

The government has settled Rs 24,531 crore to CGST and Rs19,371 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of January 2021 is Rs 46,454 crore for CGST and Rs 48,385 crore for the SGST.

In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of January 2021 are 8% higher than the GST revenues in the same month last year, which in itself was more than Rs 1.1 lakh crore. During the month, revenues from import of goods was 16% higher and the revenues from domestic transaction (including import of services) are 6% higher than the revenues from these sources during the same month last year.

The GST revenues during January 2021 are the highest since introduction of GST and has almost touched the Rs1.2 lakh crore mark, exceeding the last month's record collection of Rs 1.15 lakh crore.

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