Economy

GST mop-up rises to ₹1.02 lakh crore in January

Representational image.

Representational image.   | Photo Credit: K. Pichumani

This is the third time in the current fiscal that revenues from the GST have crossed ₹1 lakh crore mark.

GST (Goods and Services Tax) collections in January rose to ₹1.02 lakh crore — the second highest monthly mop-up after April, the Union Finance Ministry said on Saturday.

This is a significant increase from the collection of ₹94,725 crore in December 2018, and 14 per cent higher than January 2018 collection of ₹89,825 crore. The total number of sales return or GSTR-3B filed for December up to January 31, 2019 is 73.3 lakh.

“The total gross GST revenue collected in January 2019 is ₹1,02,503 crore, of which the Central GST is ₹17,763 crore, the State GST (SGST) ₹24,826 crore, the Integrated GST (IGST) is ₹51,225 crore and the Cess ₹8,690 crore,” the Ministry said in a statement.

This is the third time in the current fiscal that revenues from the GST have crossed ₹1 lakh crore mark. In April and October too, the collections surpassed this milestone. The government has settled ₹18,344 crore to the CGST and ₹14,677 crore to the SGST from the IGST as regular settlement.

The total revenue earned by the Central government and State governments after regular settlement in December 2018 is ₹36,107 crore for the CGST and ₹39,503 crore for the SGST. The GST collection in April stood at ₹1.03 lakh crore, ₹94,016 crore in May, ₹95,610 crore in June, ₹96,483 crore in July, ₹93,960 crore in August, ₹94,442 crore in September, ₹1,00,710 crore in October, ₹97,637 crore in November and ₹94,725 crore in December 2018.

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Printable version | May 30, 2020 2:16:48 AM | https://www.thehindu.com/business/Economy/gst-mop-up-rises-to-102-lakh-crore-in-january/article26160527.ece

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