Ahead of Budget 2021, GST revenue reaches lifetime high of Rs 1.2 lakh crore

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Consolidated revenues collected from GST during January 2021 were reported to be at a lifetime high since it was put into operation having nearly reached the Rs 1.2 lakh crore mark, which last month was reported to be at Rs 1.15 lakh crore.

Gross GST revenue collection was recorded at Rs 1,19,847 crore as of January 31, 2021.

GoI released a statement saying, “GST revenues above Rs 1 lakh crore for a stretch of last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic.”

The average increase in GST revenues between October and January was 8% compared to a loss of 24% during the first half of the financial year in lieu of the coronavirus pandemic. Mentioning this, the Ministry of Finance stated, “GST revenues above Rs 1 lakh crore for a stretch of last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic.”

The Finance Ministry gave a detailed view on the composition of the revenues – “It consists of CGST is Rs 21,923 crore, SGST is Rs 29,014 crore, IGST is Rs 60,288 crore (including Rs 27,424 crore collected on import of goods) and Cess is Rs 8,622 crore (including Rs 883crore collected on import of goods).”

It said, “In line with the trend of recovery in the GST revenues over 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 Rs 1.1 lakh crore. During the month, revenues from import of goods was 16% higher and the revenues from domestic transaction (including import of services) are 6% higher than the revenues from these sources during the same month last year.”

“GST revenues above Rs 1 lakh crore for a stretch of last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic.”

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