The gross GST revenue collected in the month of January 2021till 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 crores collected on import of goods) and Cess is ₹ 8,622 crore (including ₹ 883crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of December up to 31st January 2021 is 90 lakhs.
The government has settled ₹ 24,531 crores to CGST and ₹ 19,371 crores to SGST from IGST as a regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of January 2021 is ₹ 46,454 crores for CGST and ₹ 48,385 crores for the SGST.
In line with the trend of recovery in the GST revenues over the past five months, the revenues for the month of January 2021 are 8% higher than the GST revenues in the same month last year, which in itself was more than ₹ 1.1 lakh crore. During the month, revenues from import of goods were 16% higher and the revenues from the domestic transaction (including import of services) are 6% higher than the revenues from these sources during the same month last year.
The GST revenues during January 2021 are the highest since the introduction of GST and have almost touched the ₹ 1.2 lakh crore mark, exceeding the last month’s record collection of ₹1.15 lakh crore. GST revenues above ₹ 1 lakh crore for a stretch of the last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery post-pandemic. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax, and Customs IT systems, and effective tax administration has also contributed to the steady increase in tax revenue over the last few months. The average YoY growth in GST revenue over the first four months in the second half of the financial year has been 8% as compared to (-) 24% during the first half of the year.
