Maybe GST collection make a record in January month

The GST collection is estimated to be Rs 1.21 to Rs 1.23 lakh crore in January. This may reduce the state GST collection to a minimum of Rs 11,000 crore. It’s been said during a report. Efforts made to get rid of flaws in GST collection have yielded positive results. According to this report, there is much chance that GST collection makes a new record in January 2021.

SBI Research said during a report on Thursday that after a record Rs 1.15 lakh crore collection in December 2020, the GST collection in January 2021 might be 1.21 lakh crore rupees. And perhaps it’ll be more.

According to the report, 50 percent of the collected IGST (Integrated GST) is additionally distributed among the states by March, then taking under consideration the complete compensation cess, the reduction within the state GST are going to be only Rs 11,000 crore.

Meanwhile, the excess cash with the govt increased significantly to Rs 3.34 lakh crore as of January 28. 1.08 lakh crore in September 2020 and a couple of 26 lakh crore in December.

This has led the govt to require only a little amount of debt. As of January 22, the govt took a loan of Rs 11.46 lakh crore, and therefore the total debt under the civil year stood at Rs 13.03 lakh crore with a complete loan of Rs 1.16 lakh crore, which is less than the sooner Rs 13.10 lakh crore.

The state GST (SGST) collection declined 12 percent to Rs 1.87 lakh crore in April-December 2020. The IGST allocated was Rs 1.26 lakh crore, down 13 percent. If it is possible and Collection has been achieved to the point then It will directly impact our economy.