For the fourth month in a row, the GST collection in January crossed ₹1.30 lakh crore mark, indicating that the economic recovery after the second wave was holding up.
In January, the revenue collection from the Goods and Services Tax was ₹1.38 lakh crore, which is a growth of 15 per cent from the same period a year ago. The total number of GSTR-3B returns filed up to January 30, 2022 stood at ₹1.05 crore and that includes 36 lakh quarterly returns, said the finance ministry.
The ministry said that the gross GST revenue collected in the month of January 2022 till 3 pm on 31.01.2022 is ₹1,38,394 crore. Out of this the CGST works out to be ₹24,674 crore, while the SGST mopped up ₹32,016 crore, the IGST ₹72,030 crore (including ₹35,181 crore collected on import of goods) and the cess ₹9,674 crore (including ₹517 crore collected on import of goods).
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The highest monthly GST collection was recorded at ₹1,39,708 crore in the month of April 2021.
The revenues for 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.
The ministry attributed the enhanced GST collections to the economic recovery combined with anti-evasion activities, especially action against fake billers. The various rate rationalisation measures implemented by the GST Council to correct inverted duty structure also helped to increase the revenues.
This positive trend in GST revenues is expected to continue in the coming month, predicted the ministry.