GST Collection January 2021by Estartup India Grow Business With Us
For the one more time, GST collections in January crosses over Rs 1.2 lakh crore is crossing Rs 1 lakh crore targets since December, November and October this year. In this article, we will talk on GST collection in January 2021.
GST collection January 2021 crosses ₹1.2 lakh crore
The GST revenues during January 2021 have been the highest since the initiation of GST. It is the first time that it has passed Rs 1.2 lakh crore. The largest GST collection till now was Rs 1, 13, 866 crores in April 2019. The revenues of April ordinarily tend to be leading since they affect the returns of March, which marks the end of the financial year. The January 2021 revenues are certainly highest than last month’s revenues of Rs 1, 15,174 crores. This is the highest inflation in monthly revenues for the last 22 months.
Till now, GST revenues have reached Rs 1.2 lakh crore fourth times after the initiation of GST. This is the fourth month in a row in the prevailing financial year after the economy has been giving marks or recovery post-pandemic that the GST revenues have been more than Rs 1 lakh crore.
GST collection November 2020
The Central government declared the collected GST amounting to ₹ 1, 05 lakh crore in November. The GST revenues were ₹ 1 lakh crore in October, pointing two successive months wherein the GST revenues have surpassed the ₹ 1 lakh crore mark. The collection in November 2020 is 1.5 per cent greater than in November 2019 when the GST mop-up numbers were ₹ 1, 03,491 crore.
GST collection December 2020
The Central Government declared the gross GST revenue collected in December 2020 was at Rs 1, 15,174 crore of which CGST is Rs 21,365 crore. Also, the total number of GSTR-3B Returns listed for November up to 31st December 2020 is 87 lakhs. The Central government has compensated Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as a formal settlement. The cumulative revenue collected by the Central Government and the State Governments after routine settlement in December 2020 is Rs 44,641 crore for CGST and Rs 45,485 crore for the SGST.
GST Collection January 2021
The Central Government has notified the gross GST revenue collected in January was highest since GST implementation at Rs 1,19,847 crore. This is the fourth time GST return filing have passed the Rs1.2 lakh crore. The GST acquisition in January 2021 is ₹1, 19,847 crore which is an 8.15 per cent inflation from ₹1, 10,818 crore collected in January 2020.
Further, the Finance Ministry declared that the total number of GSTR-3B returns filed in December up to January 31, 2021, is 90 lakh. The GST revenue during January 2021 is the highest since the introduction of GST and has almost touched the ₹1.2 lakh crore marks. Know more about GST Collection January 2021.
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Created on Feb 3rd 2021 06:17. Viewed 195 times.