GST collection up 8% yoy to Rs 1.10 lakh cr in Jan, signals recovery
New Delhi: In a much-needed shot in the arm for the government, GST collection increased 8.12 percent year-on-year to Rs 1,10,828 crore in January 2020.
This is only the second time since the roll-out of GST that the monthly revenues have crossed Rs 1.1 lakh crore and sixth time during the year when it has crossed Rs 1 lakh crore.
The higher number is good news for the government which is facing serious revenue shortfall. The higher collection in the month of January is, however, on expected lines given the past trends.
Out of the Rs 1,10,828 crore gross GST collected in the month of January, CGST was Rs 20,944 crore, SGST Rs 28,224 crore, and IGST was Rs 53,013 crore (including Rs 23,481 crore collected on imports). The total cess during this month was Rs 8,637 crore that included Rs 824 crore collected on imports.
The total number of GSTR 3B Returns filed for the month of December up to January 31, 2020 was 83 lakh showing that compliance in the new tax regime improved.
The GST revenues during the month of January, 2020 from domestic transactions has shown an impressive growth of 12 per cent over the revenue during the same month last year.
The government settled Rs 24,730 crore to CGST and Rs 18,199 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, 2020 was Rs 45,674 crore for CGST and Rs 46,433 crore for the SGST.