January GST collection highest at Rs 1.2 lakh crore

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February 01, 2021 5:10 AM

It added that the during the month, revenues from import of goods was 16% higher and the revenues from domestic transaction (including import of services) are 6% higher than the revenues from these sources during the same month last year.

The GST revenue collection has crossed Rs 1 lakh crore- mark in four consecutive months.The GST revenue collection has crossed Rs 1 lakh crore- mark in four consecutive months.

The GST revenue collected in January (for transactions in December) came in at Rs 1.2 lakh crore, the highest ever monthly collection, beating last month’s mop-up, the government said on Sunday.

“In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of January 2021 are 8% higher than the GST revenues in the same month last year, which in itself was more than Rs 1.1 lakh crore,” the government said.

It added that the during the month, revenues from import of goods was 16% higher and the revenues from domestic transaction (including import of services) are 6% higher than the revenues from these sources during the same month last year.

The GST revenue collection has crossed Rs 1 lakh crore- mark in four consecutive months. The government said that closer monitoring against fake-billing, deep data analytics using data from multiple sources, Income-tax and Customs systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months.

Further, the average year-on-year growth in GST revenue over the first four months in the second half of the financial year has been 8% as compared to a contraction 24% during the first half of the year.

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