GST Revenue collection at Rs1.10 lakh cr in Jan 2020

The gross GST revenue collected in January 2020 is Rs1.10 lakh cr of which CGST is Rs20,944 cr, SGST is Rs28,224cr, IGST is Rs53,013cr (including Rs23,481cr collected on imports) and Cess is Rs8,637cr (including Rs824cr collected on imports). The total number of GSTR 3B Returns filed for December up to January 31, 2020, is 83 lakh (prov), Ministry of Finance.

According to the Ministry of Finance, the government has settled Rs24,730cr to CGST and Rs18,199cr to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in January 2020 is Rs45,674cr for CGST and Rs46,433cr for the SGST.

The GST revenues during January 2020 from domestic transactions has shown an impressive growth of 12% over the revenue during January 2019.

Taking into account the IGST collected from imports of goods, the total revenue during January 2020 has increased by 8% in comparison to the revenue during January 2019.

During this month, the IGST on import of goods has shown a negative growth of (-) 3% as compared to January 2019. This is the only second time since the introduction of GST that the monthly revenues have crossed Rs1.1 lakh cr and sixth time during the year it has crossed Rs1 lakh cr.

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