GST Collection Created Record Again, Crossed 1.30 Lakh Crore

GST collection created a record again, crossing the 1.30 lakh crore mark for the fourth time.

India’s GST collection grew 15 percent year-on-year to Rs 138,394 crore in January 2022. The official figure was released on Monday.

On a sequential basis, the December 2021 collection stood at Rs 129,780 crore. This is the fourth time that the GST collection has crossed the Rs 1.30 lakh crore mark.

The highest monthly GST collection in April 2021 was Rs 139,708 crore.

15 percent more than GST revenue.

The revenue for January 2022 is 15 percent higher than the GST revenue in the corresponding month of last year and 25 percent more than the GST revenue in January 2020, the Finance Ministry said in a statement.

During the month, the revenue from the import of goods was 26 percent higher and the revenue from domestic transactions (including import of services) was 12 percent higher than the revenue from these sources during the corresponding month of the previous year.

GST collection created a record: CGST out of GST revenue Rs 24,674 crore.

According to the ministry, out of the gross GST revenue collected in January 2022, CGST stood at Rs 24,674 crore, SGST Rs 32,016 crore, IGST Rs 72,030 crore, and cess about Rs 9,674 crore.

The total number of returns filed was 1.05 crore.

The total number of returns filed as of 30 January 2022 is 1.05 crore which includes 36 lakh quarterly returns.

The Center also released GST compensation of Rs 18,000 crore to the States/UTs in January 2022.

Indian economy declined by 6.6 percent in 2020-21.

The Indian economy declined by 6.6 percent in the financial year 2020-21 due to the outbreak of Kovid-19 and the nationwide lockdown implemented to contain the epidemic.

Earlier, in the initial estimates released in May 2021, it was said that the gross domestic product (GDP) has declined by 7.3 percent during 2020-21.

The National Statistical Office (NSO) said in the revised National Account data released on Monday.

“Real GDP or GDP at constant prices (2011-12) for the years 2020-21 and 2019-20 is Rs 135.58 lakh crore and 145.16 lakh crore respectively.”

Rupee, shows a decline of 6.6 percent during 2020-21, as against an increase of 3.7 percent in 2019-20.