Source: Business Standard
Goods and Services Tax (GST) revenue mop-up in January has crossed the ₹1 trillion-mark for the third month in a row thanks to the anti-evasion measures taken by tax officers. Since the implementation of the new indirect tax regime in 2017, this is the second time that the monthly revenues have crossed ₹1.1 trillion.
According to a statement released by the government, the gross GST revenue collection in January 2020, is ₹1,10,828 Crore of which CGST is ₹20,944 Crore, SGST is ₹28,224 Crore, IGST is ₹53,013 Crore (including ₹23,481 Crore collected on imports) and Cess is ₹8,637 Crore (including ₹824 Crore collected on imports). The statement further said that it is the sixth time during the year that the monthly revenue has crossed ₹1 lakh Crore.
The GST collection in January 2020 is in line with the target set by the Revenue Secretary Ajay Bhushan Pandey after a high-level meeting with senior tax officials earlier in the month. During the month of January 2020, the tax revenue mop-up from domestic transactions has witnessed an impressive growth of 12% over the revenue during the month of January 2019.
The statement added, “Taking into account the IGST collected from imports of goods, the total revenue during January 2020 has increased by 8% in comparison to the revenue during January 2019.” However, the IGST on import of goods during this month has shown a negative growth of (-) 3%, compared to January 2019.
The number of GSTR 3B returns filed for the month of December up to 31st January 2020 was 83 lakh. As part of the regular settlement, the government has settled ₹24,730 Crore to CGST and ₹18,199 Crore to SGST from IGST. After the regular settlement, the total revenue earned by the Central and the State governments is ₹45,674 Crore for CGST and ₹46,433 Crore for SGST in the month of January 2020.
Never miss out on what’s new in GST,
Accounting, TDS, and Tax compliance.
Connect with us on WhatsAapp.