• Notification Date: 01.02.2022
• Notification No: N/A

GST Collection crosses Rs.1.30-Lakh Crore Milestone in January

The GST collection in January has crossed the benchmark of Rs.1.30 lakh crore. This has occurred for the fourth time. The revenue collected was rs.1,38,394 crore as stated by the Ministry of Finance. The revenue collected in January 2022 is 15% higher than that collected in January 2021 and 25% higher than the revenue collected in January 2020.

Revenues collected from import of goods was 26% higher during January. The revenues collected from the domestic transaction are 12% higher than those collected last year during this period.

The gross revenue collected in December 2021 was Rs.1,29,780 crore. The amount was a bit lower than that of November. The gross GST that was collected in November marked the second-highest ever since GST was introduced. The amount was Rs.1.31 lakh crore. The highest amount was collected in April 2021. The amount was rs.1,39,708 crore.  

According to the report of the Finance Ministry, the government has settled the IGST of Rs.29,726 crore to CGST and IGST of Rs.24,180 crore to SGST. The Central government has settled Rs.35,000 crore of IGST between the Centre and the State/UTs on a ratio of 50:50.

After the ad-hoc and regular settlements, the total revenue of the Centre and the states is Rs.71,900 crore for CGST and Rs.73,696 crore for the SGST in January 2022. GST compensation amounting to Rs.18,000 crore has been released by the Centre to the states and UTs in January 2022.

According to the ministry, the various rate rationalization measures undertaken by the Council has shown improvement in revenue and rectified the inverted duty structure. The ministry is hopeful that these positive impacts will continue to influence the revenue system in the upcoming months.