New Delhi: India’s monthly collection of Goods and Service Tax (GST) has continued to grow indicating rapid recovery in the economy. After record collection in December 2020, GST collection in January grew by 4% (month on month) to Rs. 1,19,847 Crore.
According to the data released by the Ministry of Finance, of the Rs. 1,19,847 Crore GST collected, CGST is Rs. 21,923 crore, SGST is Rs. 29,014 crore, IGST is Rs. 60,288 crore (including Rs. 27,424 crore collected on import of goods) and Cess is Rs. 8,622 crore (including Rs. 883crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of December up to 31stJanuary 2021 is 90 lakhs.
The government has settled Rs. 24,531 crore to CGST and Rs. 19,371 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 2021 is Rs. 46,454 crore for CGST and Rs. 48,385 crore for the SGST.
India’s monthly GST collections are constantly improving after touching the bottom in April 2020 due to the enforcement of nationwide lockdown. GST collection touched all time low of Rs. 32,172 crore in April 2020 and Rs.62151 crore in May. However, GST revenue started improving after unlocking of the economy and the monthly collections are above Rs.1 lakh crore for the last four months.