Friday, 07 October 2022

₹1.30 lac crore GST Collected in January

₹1.30 lac GST Collected in January

The GST collection crossed the ₹1.30 lakh crore mark for the 4th time, with revenue worth ₹1,38,394 crore in January 2022, the Ministry of Finance said in a statement today. Revenues for January 2022 were 15 percent higher than GST revenues in the same month last year and 25 percent higher than the GST revenues in January 2020.

During January, revenues from the import of goods were 26 percent higher. The gains from domestic transactions (including the essence of services) are 12 percent higher than the revenues during last year.

The finance ministry said in a statement today.

"The complete GST revenue collected in January 2022 till 3 PM on 31.01.2022 is ₹1,38,394 crore, of which CGST is ₹24,674 crore, SGST is ₹32,016 crore, IGST is ₹72,030 crore (including ₹35,181 crores collected on import of goods) and cess is ₹9,674 crore (including ₹517 crores collected on import of goods),"

The gross GST revenue collected in December 2021 was ₹1,29,780 crore, slightly lower than in November. In November, the gross GST collection was ₹1.31 lakh crore, the second-highest ever since the introduction of GST. The highest monthly GST collection was ₹1,39,708 crore in April 2021.

The finance ministry has settled ₹29,726 crores to CGST and ₹24,180 crores to SGST from IGST as regular settlement. In addition, the Centre has also paid ₹35,000 crores of IGST on an ad-hoc basis in the ratio of half: half between Central and states and UTs.

Read More: Retail inflation spikes to 5.59% in December

The total revenue of the Centre and the states in January 2022 after regular and ad-hoc settlements is ₹71,900 crores for CGST and ₹73,696 crores for the SGST. The release said that the Centre also released GST compensation of ₹18,000 crores in January’2022 to states/UTs.

The ministry said.

"Link with economic recovery, anti-evasion activities, especially action against fake bills, have contributed to the increase GST. The boost in revenue has also been due to different rate rationalization measures undertaken by the Council to correct inverted duty structure,"

It is expected that the positive movement in the revenues will continue in the coming months as well, it added.

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