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January GST collection rises 15% YoY to over Rs 1.38 lakh crore

India’s GST collection rose 15 per cent in January 2022 on a year-on-year basis to Rs 138,394 crore, official data showed on Monday.

In terms of sequential basis, December 2021’s collections stood at Rs 129,780 crore.

This is the fourth time that the GST collection has crossed the Rs 1.30 lakh crore mark.

The highest monthly GST collection was Rs 139,708 crore in April 2021.

“The revenues for the month of January 2022 are 15 per cent higher than the GST revenues in the same month last year and 25 per cent higher than the GST revenues in January 2020,” a Finance Ministry statement said.

“During the month, revenues from import of goods was 26 per cent higher and the revenues from domestic transaction (including import of services) are 12 per cent higher than the revenues from these sources during the same month last year.”

According to the ministry, out of the gross GST revenue collected in January 2022, CGST accounted for Rs 24,674 crore, SGST was Rs 32,016 crore, IGST Rs 72,030 crore and cess to about Rs 9,674 crore.

“Total number of GSTR-3B returns filed upto 30th January 2022 is 1.05 crore that includes 36 lakh quarterly returns,” it said.

“The government has settled Rs 29,726 crore to CGST and Rs 24,180 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 35,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and states or UTs in this month.”

Besides, the total revenue of Centre and the States in the month of January 2022 after regular and ad-hoc settlements was 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 or UTs.”

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