The government has collected Rs 1,38,394 crore in the month of January, the Ministry of Finance notified in a press release on Monday.
The GST collection was up 15 per cent for the month of January 2022, compared to the same period last year, and was 25 per cent higher than the GST revenues in 2020.
The government has collected Rs 1,38,394 crore in the month of January, the Ministry of Finance notified in a press release on Monday.
The development comes a day ahead of the Union Budget, which is to be tabled in the parliament on February 1. According to the release, the amount of GST collection includes Rs 24,674 crore as CGST, Rs 32,016 crore as SGST, Rs 72,030 crore as IGST and a cess of Rs 9,674 crore. The GST collection was up 15 per cent for the month of January 2022, compared to the same period last year, and was 25 per cent higher than the GST revenues in 2020.
“The government has settled Rs 29,726 crore to CGST and Rs 24,180 crore to SGST from IGST as regular settlement. In addition, the Centre has also settled Rs. 35,000 crore of IGST on an ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month,” the statement said.
“The total revenue of Centre and the States in the month of January 2022 after regular and ad-hoc settlements is Rs 71,900 crore for CGST and Rs 73,696 crore for the SGST. Centre also released GST compensation Rs 18,000 crore in January’2022 to States/UTs,” it added.
Notably, over the past few months several opposition states including some BJP-ruled states like Madhya Pradesh, have been demanding GST compensation.
This is the fourth time that the GST collection has crossed Rs 1.30 lakh crore mark, fueled by economic recovery, anti-evasion activities, and various rate rationalization measures undertaken by the GST council. The government expects that the positive trend will continue in the coming months as well. Meanwhile, the highest monthly GST collection, worth Rs 1,39,708 crore was reported in April 2021.