GST collection crossed Rs 1.30 lakh crore mark for the 4th time
Revenues for the month of January 2022 15% higher than GST revenues in the same month last year and 25% higher than the GST revenues in January 2020
The gross GST revenue collected in the month of January 2022 till 3PM on 31.01.2022 is Rs 1,38,394 crore of which 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). The highest monthly GST collection has been Rs 1,39,708 crore in the month of April 2021. Total number of GSTR-3B returns filed upto 30th January 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, Centre has also settled Rs. 35,000 crore of IGST on 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. Centre also released GST compensation Rs 18,000 crore in January’2022 to States/UTs.
The revenues for the month of January 2022 are 15% higher than the GST revenues in the same month last year and 25% higher than the GST revenues in January 2020. During the month, revenues from import of goods was 26% higher and the revenues from domestic transaction (including import of services) are 12% 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% 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 inverted duty structure. It is expected that the positive trend in the revenues will continue in the coming months as well.