The Goods and Services Tax revenue collected in January touched an all-time high of about Rs 1.2 lakh crore, the finance ministry said on Sunday, a day before the government unveils the country’s annual budget.
The ministry said in line with the trend of recovery in the GST revenues over past five months, the revenues for January 2021 are 8% higher than that in the same month last year.
“The gross GST revenue collected in the month of January 2021 till 6 pm on 31.01.2021 is ₹ 1,19,847 crore of which CGST is ₹ 21,923 crore, SGST is ₹ 29,014 crore, IGST is ₹ 60,288 crore (including ₹ 27,424 crore collected on import of goods) and cess is ₹ 8,622 crore (including ₹ 883 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of December up to January 31, 2021 is ₹ 90 lakh,” the finance ministry said.
The number could be upped further as more GST sales returns get filed.
GST revenues had topped Rs 1 lakh crore in nine out of 12 months of 2019-20 fiscal. However, in the current fiscal, the revenues have taken a hit due to the Covid-19 pandemic.
Revenue in April was Rs 32,172 crore, followed by Rs 62,151 crore in May, Rs 90,917 crore in June, Rs 87,422 crore in July, and Rs 86,449 crore in August. Collections in September were Rs 95,480 crore, Rs 1,05,155 crore in October, Rs 1,04,963 crore in November and Rs 1,15,174 crore in December.