GST revenue hits all-time high at Rs 1.19 lakh crore in January

GST revenue touched all time-high in the month of January at Rs 1.19 lakh crore owing to economic recovery post covid19 pandemic, the government said today. This is 8% higher than the GST collection during same month of last year , government data showed. The total GST revenue stood at Rs 1.1 lakh crore in January last year.

Of the total collection of Rs 1.19 lakh crore, 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.

This month's collection has exceeded the record collection of last month of Rs 1.15 lakh crore. Also, revenue from import of goods was 16% higher and the revenue from domestic transaction (including import of services) is 6% higher than the revenues from these sources during the same month last year.

"Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months," the government said in a release. 

The average year-on-year growth in GST revenue over the first four months in the second half of the financial year has been 8% as compared to (-) 24% during the first half of the year, as per government.