January GST revenues cross ₹1.1 lakh crore again

This is second time since introduction of GST in July 2017 that the monthly revenues have crossed ₹1.1 lakh crore.

February 01, 2020 10:34 am | Updated June 19, 2020 06:26 pm IST - New Delhi:

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

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

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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