GST boost in pandemic: Record revenue collection in May at Rs 1.02 lakh crore, 65% higher than May 2020
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- Published: February 1, 2022 08:10
The Centre collected Rs 1,38,394 crore as gross GST (Goods and Services Tax) revenue in the month of January 2022, said the Ministry of Finance on Monday. Of the total revenue collected, CGST is Rs 24,674 crore, SGST is Rs 32,016 crore, IGST is Rs 72,030 crore (including Rs 35,181 crore collected on import of goods) and cess is Rs 9,674 crore (including Rs 517 crore collected on import of goods).
According to the Ministry of Finance, the highest monthly GST collection has been Rs 1,39,708 crore in the month of April 2021. The total number of GSTR-3B returns filed up to January 30 2022 is 1.05 crore that includes 36 lakh quarterly returns. The government has settled Rs 29,726 crore to CGST and Rs 24,180 crore to SGST from IGST as regular settlement. In addition, the Centre has also settled Rs 35,000 crore of IGST on an ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of Centre and the States in the month of January 2022 after regular and ad-hoc settlements is Rs 71,900 crore for CGST and Rs 73,696 crore for the SGST.
The Centre also released GST compensation of Rs 18,000 crore in January 2022 to States/UTs. The revenues for the month of 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. During the month, revenues from import of goods were 26 per cent higher and the revenues from the domestic transaction (including import of services) are 12 per cent higher than the revenues from these sources during the same month last year. This is for the fourth time GST collection has crossed Rs 1.30 lakh crore mark. 6.7 crore e-way bills were generated in the month of December 2021 which is 14 per cent higher than 5.8 crore e-way bills generated in the month of November 2021.
Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct the inverted duty structure. It is expected that the positive trend in the revenues will continue in the coming months as well.