GST Collection in January 1.20 lakh crore lacks break all the records

The collection of Goods and Services Tax (GST) reached a record high of Rs 1.20 lakh crore in January. This collection in January 2021 is eight percent quite the year before. it had been informed by the Finance Ministry on Sunday that this is often in line with the trend of GST revenue collection within the last five months.

According to the Finance Ministry statement, “GST revenue collection stood at Rs 1,19,847 crore till 6 pm on 31st of January 2021. It includes Central GST (CGST) Rs 21,923 crore, States GST (SGST) Rs 29,014 crore, Integrated GST (IGST) Rs 60,288 crore (Rs 27,424 crore received from import of goods) and Cess Rs 8,622 crore (collected on import of products 883 Including crores). “However, if GST sales returns are filed, there’s scope for the further increase during this figure.

It is noteworthy that in December 2020, a record GST collection of Rs 1.15 lakh crore was done, which was the very best after the implementation of the new tax regime. in comparison to December 2019, it had been 12 percent more. In December, the revenue of Rs 1,15,174 crore came, which was 10 percent quite in November. The Finance Ministry had then stated that earlier the very best collection of GST implemented in July 2017 was Rs 1,13,866 crore in April 2019. the rise in GST collections in December 2020 was the very best monthly recovery in 21 months.

According to the Finance Ministry, the record increase in recovery came due to the nationwide campaign against GST fraud, rapid economic recovery after lockdown, and therefore the combined impact of several systemic changes. Thanks to the nationwide lockdown in April 2020, the GST recovery was just Rs 32,172 crore.

The ministry said during a statement that in the last four months, GST collection has been quite one lakh crore rupees continuously. This clearly shows that after the shock within the Corona period (COVID-19 pandemic), the economy is recovering rapidly, and therefore the rapid economic process rate is increasing.

It is noteworthy that in December 2020, a record GST collection of Rs 1.15 lakh crore was done, which was the very best after the implementation of the new tax regime. In comparison to December 2019, it had been 12 percent more. In December, the revenue of Rs 1,15,174 crore came, which was 10 percent quite in November. The Finance Ministry had then stated that earlier the very best collection of GST implemented in July 2017 was Rs 1,13,866 crore in April 2019. The rise in GST collections in December 2020 was the very best monthly recovery in 21 months.