GST collection crossed Rs 1.30 lakh cr for the fourth time and stands on the revenue with the worth of Rs 1,38,394 crore in Jan 2022. The revenue that stands out in January 2022 was 15% more as compared to the previous year of the same month. Also, it is 25% more than the GST revenue collection in 2020.
In January the revenues from import of goods stand at 26% more and the revenues from domestic transactions along with the import of services are 12% more than the revenue in the similar duration former year.
Finance Ministry mentioned that “The gross GST revenue collected in the month of January 2022 till 3PM on 31.01.2022 is ₹1,38,394 crore of which CGST is ₹24,674 crore, SGST is ₹32,016 crore, IGST is ₹72,030 crore (including ₹35,181 crores collected on import of goods) and cess is ₹9,674 crore (including ₹517 crores collected on import of goods),”
The gross GST revenue obtained in December 2021 was Rs 1,29,780 crore, which is lower with respect to the revenue obtained in November. The net GST collection in November stands with Rs 1.31 lakh cr which is the 2nd highest ever since the start of GST. the highest monthly GST collection poses with Rs 1,39,708 crore in April month 2021.
Under the finance ministry, the government has decided Rs 29726 cr to CGST and ₹24,180 crores to SGST from IGST as regular settlement. Moreover, the union has decided Rs 35000 cr of IGST on an ad-hoc basis in the ratio of 50:50 between Centre and states/UTs.
The total revenue of the centre and the states in January 2022 post to regular and ad-hoc settlements is ₹71,900 crores for CGST and ₹73,696 crores for the SGST. union indeed released GST compensation of Rs 18000 cr in Jan 2022 to states/UT.
“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 rationalisation measures undertaken by the Council to correct inverted duty structure,” mentioned by the ministry.
It is desired that the favourable trend in the revenues would be carried on in the subsequent month.
