Business

GST grows 15% on year, crosses Rs 1.38 L cr in January

January is the fourth straight month when Goods and Services Tax collection has crossed Rs 1.30 lakh crore.

GST collection in January crossed Rs 1.38 lakh crore in January, a growth of 15 per cent over the year-ago period.Total number of GSTR-3B returns filed up to January 30, 2022 is 1.05 crore that in cludes 36 lakh quarterly returns.

“The gross GST revenue collected in the month of January 2022 till 3 PM on 31.01.2022 is Rs 1,38,394 crore of which CGST is Rs 24,674 crore, SGST is Rs 32,016 crore, IGST is Rs 72,030 crore (including Rs 35,181 crore collected on im port of goods) and cess is Rs 9,674 crore (including Rs 517 crore collected on import of goods),” the ministry said.

The highest monthly GST collection has been Rs 1,39,708 crore in the month of April 2021. The revenues for the month of January 2022 are 15 per cent higher than the GST revenues in the same month last year and 25 per cent higher than the GST revenues in January 2020.

“Coupled with economic recovery, anti-evasion activ- ities, especially action against fake billers have been contributing to the en hanced GST. The improve ment in revenue has also been due to various rate rationalisation measures un- dertaken by the Council to correct inverted duty struc- ture,”

It is expected that the positive trend in the revenues will continue in the coming months as well,

Meanwhile, the Economic Survey said the impact of the second wave of Covid-19 on GST collection was much more muted than the impact of the nationwide lockdown during the first wave, The Economic Survey for 2021-22 noted.

After falling during the nationwide lockdown in 2020-21 and during the sec ond Covid wave, there was a quick recovery in monthly GST collection.

Over the last four years, GST revenues have steadily grown and the year-average of monthly GST collection has increased from Rs 0.9 lakh crore in 2017-18 to Rs 1.19 lakh crore in 2021-22 (up to December).

The improvement in GST collection has been due to the combined effect of the rapid economic recovery post the pandemic, the na tionwide drive against GST evaders and fake bills along with many systemic changes introduced recently.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button