After touching a record level of 1.15 lakh crore in December, GST collections are expected to remain at the level of 1.21-1.23 lakh crore in January 2021 as well. SBI Research has given this conclusion in its report released on Thursday.
GST collections may remain between record levels of 1.21-1.23 lakh crore in January. SBI Research has said in its report released on Thursday that GST collections can touch new record levels in January 2021 even after touching record levels in December and it could be 1.21-1.23 lakh crore or more. This will reduce the state GST collections to a minimum of Rs 11 thousand crores. Let us know that since the implementation of GST system, there is a continuous recovery in it.
Efforts are being made to prevent leakage in the GST regime from September. If 50% of the IGST is distributed to the states by March, then the shortfall in the state GST will come down to a modest level of only Rs 11 thousand crores.
Meanwhile, the additional cash balance with the government has increased to Rs 3.34 lakh crore as of January 28. This was Rs 1.08 lakh crore in September 2020 and Rs 2.26 lakh crore in December. Due to this, the government has had to take some less debt.
Till January 22, the government had taken a loan of Rs 11.46 lakh crore and the gross debt in this calendar year is Rs 13.03 lakh crore with a total outstanding debt of Rs 1.16 lakh crore, which is lower than the earlier Rs 13.10 lakh crore.
The SGST (state GST) recovery declined by 12 per cent to Rs 1.87 lakh crore in the period April-December 2020. The GST cess recovery declined by 17 per cent year-on-year to Rs 60,312 crore. On the other hand, the allocated IGST declined by 13 per cent year-on-year to Rs 1.26 lakh crore. The total amount of SGST, allocated IGST and Cess has been Rs 3.73 lakh crore which is down 13 per cent on an annual basis but 58 per cent of the budgeted (set in the budget) SGST of Rs 6.49 lakh crore.
It is worth noting that for the past few months, there has been a steady recovery in the data of GST collections. In this, along with the improvement in the economy, the steps taken by the government to prevent GST leakages are important.