GST collections rise to Rs 1.02L cr in Jan as compliance rate improveshttps://indianexpress.com/article/business/gst-collections-rise-to-1-02l-cr-in-jan-as-compliance-rate-improves-5566429/

GST collections rise to Rs 1.02L cr in Jan as compliance rate improves

The Finance Ministry in a statement on Thursday had said that total gross GST revenue collected in January crossed Rs 1 lakh crore mark, terming it as a “significant improvement” over collection of Rs 94,725 crore last month and Rs 89,825 crore during the same month last year.

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The Centre has collected Rs 9,73,546 crore as GST revenue in April-January.

After falling for two months, the Goods and Services Tax (GST) collections rose to Rs 1.02 lakh crore in January (for December) as compliance rate improved with 73.3 lakh businesses filing the summary GSTR-3B returns as against 72.44 businesses filing returns in the previous month, detailed data released by Finance Ministry on Saturday showed.

The Finance Ministry in a statement on Thursday had said that total gross GST revenue collected in January crossed Rs 1 lakh crore mark, terming it as a “significant improvement” over collection of Rs 94,725 crore last month and Rs 89,825 crore during the same month last year.

Cumulatively, the Centre has collected Rs 9,73,546 crore as GST revenue in April-January, the first ten months of this financial year.

In the Union Budget for 2019-20 presented on Friday, the government has already scaled down the GST collection target by Rs 1 lakh crore, with revised estimate for 2018-19 pegged at Rs 6.44 lakh crore as against the Budget target of Rs 7.44 lakh crore.

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Out of the total Rs 7.44 lakh crore GST collections pegged in Budget 2018-19, the Centre had aimed to collect Central GST of Rs 6.04 lakh crore and Integrated GST of Rs 50,000 crore. In theory, IGST is supposed to be equally divided between Centre and the states. Adding State GST collections equivalent to CGST would mean the total GST collections for both states and Centre were pegged at Rs 13.48 lakh crore.

Out of the total Rs 1,02,503 crore GST collected in January, CGST is Rs 17,763 crore, SGST is Rs 24,826 crore, IGST is Rs 51,225 crore (including Rs 24,065 crore collected on imports) and cess is Rs 8,690 crore(including Rs 902 crore collected on imports).