GST collection up 15%, tops ₹1.38 lakh crore in January

01-Feb-2022 The Economic Times Goods And Services Tax, GST Collection, CGST, SGST 173 Views

India's goods and services tax collections in January stood at ₹1.38 lakh crore, a growth of 15 % over the year-ago period.

January is the fourth straight month when GST collections crossed ₹1.30 lakh crore.

The highest monthly GST collection has been ₹1,39,708 crore in the month of April 2021.

The finance ministry, in a statement, said that 6.7 crore e-way bills were generated in the month of December 2021 which is 14% higher than 5.8 crore e-way bills generated in the month of November 2021.

The government expects the positive trend in the revenues to will continue in the coming months as well.

Other indicators are also suggesting that the growth momentum in tax collections will continue.

Total number of GSTR-3B returns filed up to January 30, 2022 was 1.05 crore that includes 36 lakh quarterly returns, the finance ministry said.

Of the gross GST revenue collected in the month of January 2022, CGST was ₹24,674 crore, SGST ₹32,016 crore, IGST ₹72,030 crore, including ₹35,181 crore collected on import of goods and cess was ₹9,674 crore, including ₹517 crore collected on import of goods.

The total revenue of the Centre and states in January after regular and ad-hoc settlements was ₹71,900 crore for CGST and ₹73,696 crore for SGST. The Centre also released GST compensation of ₹18,000 crore in January 2022 to states and UTs. During the month, revenues from import of goods was 26% higher and the revenues from domestic transaction are 12% higher than the same month last year.

Source: The Economic Times

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