Economy

January GST revenues cross ₹1.1 lakh crore again

An illuminated Parliament ahead of midinight launch of 'Goods and Services Tax (GST)' in New Delhi on June 30, 2017. File   | Photo Credit: PTI

Collections of Goods and Services Tax surged in January, crossing the ₹1.1 lakh crore mark for only the second time since the GST regime began.

Gross GST revenue for January 2020 stood at ₹1,10,828 crore, according to an official statement on Saturday. This is the second highest monthly GST revenue, second only to the April 2019 revenue. This was also an 8% rise from the GST revenue collected a year ago, in January 2019. If only domestic transactions are taken into account, GST revenues showed a growth of 12%.

Of the total, ₹20,944 crore came from CGST, ₹28,224 crore from SGST, ₹53,013 crore from IGST (including ₹23,481 crore collected on imports), and a cess of ₹8,637 crore (including ₹824 crore collected on imports).

The total revenue earned by Central Government and the State Governments after regular settlement in January is ₹45,674 crore for CGST and ₹46,433 crore for the SGST.

 

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Printable version | Mar 5, 2021 11:10:55 PM | https://www.thehindu.com/business/Economy/government-nets-rs-11-lakh-cr-from-gst-in-jan/article30709870.ece

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