Economy News

GST: At Rs 1.55 lakh crore, January GST cleanup is second highest on record – Mintpaisa

GST collections for the month of January stood at Rs 1.55 lakh crore, according to data shared by the Ministry of Finance on Tuesday. This is the second highest cleanup after collection reported in April 2022.

Giving a breakdown of the collections, the ministry said CGST was Rs 28,963 crore while SGST was Rs 36,730 crore. The IGST was Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and the tax was Rs 10,630 crore (including Rs 768 crore collected on import of goods).

“Government has settled Rs 38,507 crore to CGST and Rs 32,624 crore to SGST from IGST as regular settlement. CGST and Rs 69,354 crore for SGST,” the statement read.

Current year revenue through January 2023 is 24% higher than GST revenue in the same period last year. Revenue for this period from importing goods is 29% higher and from domestic transactions (including importing services) is 22% higher than revenue from these sources for the same period last year.

This is the third time in the current financial year that GST collection has crossed the Rs 1.50 lakh crore mark.

“During the month of December 2022, 8.3 crore of e-channel invoices were generated, which is the highest to date and it was significantly higher than the 7.9 crore of e-channel invoices generated in November 2022 “, did he declare.

“Over the past year, various efforts have been made to increase the tax base and improve compliance. The percentage of filing of GST returns (GSTR-3B) and invoice status (GSTR-1), till the end of the month, has improved considerably over the years.In the quarter of October to December 2022, a total of 2.42 crore GST returns were filed till the end of the month next, compared to 2.19 crore in the same quarter of last year,” the statement further read.


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