Goods and Services Tax: The collection of Goods and Services Tax (GST) reached a record high of about Rs 1.20 lakh crore in January. The Finance Ministry gave its information on Sunday. The ministry said that this is in line with the trend of GST revenue collection in the last five months. The GST collection in January 2021 is eight per cent higher than the year before.
The Finance Ministry said in a statement, “Till 6 pm on 31st of January 2021, the GST collection stood at Rs 1,19,847 crore. This is the highest collection ever since the implementation of GST. It includes Central GST (CGST) Rs 21,923 crore, States GST (SGST) Rs 29,014 crore, Integrated GST (IGST) Rs 60,288 crore (including Rs 27,424 crore received from import of goods) and Cess i.e. Rs 8,622 crore (Import of goods Including Rs 883 crore).
Image: Finance Ministry TwitterGST This figure may be higher due to the higher number of filing sales returns. In 9 months out of 12 months of FY 2019-20, GST revenue collection was more than Rs 1 lakh crore. In the current financial year, the GST collection suffered a setback due to COVID 19.
