GST Collection January 2021 crosses ₹1.2 lakh crore in FY 2021-22

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For the one more time, GST collections in January reached over Rs 1.2 lakh crore, crossing Rs 1 lakh crore targets since December, November and October last year. In this article, we will discuss on GST collection January 2021.

GST Collection January 2021

The Central Government has announced the gross GST revenue collected in January was highest since GST implementation at Rs 1,19,847 crore. This is the fourth time GST return filing have crossed the Rs1.2 lakh crore. The GST collection in January 2021 is ₹1,19,847 crore which is an 8.15 per cent jump from ₹1,10,818 crore collected in January 2020. 

The Finance Ministry stated that the total number of GSTR-3B returns filed in December up to January 31, 2021, is 90 lakh. The GST revenue during January 2021 is the highest since the introduction of GST and has almost touched the ₹1.2 lakh crore mark.

Further Notification for Taxpayers

The GST revenues during January 2021 have been the highest since the initiation of GST. It is the first time that it has passed Rs 1.2 lakh crore. The biggest GST collection till now was Rs 1, 13, 866 crores in April 2019. The revenues of April usually tend to be high since they affect the returns of March, which marks the end of the financial year. The January 2021 revenues are certainly highest than last month’s revenues of Rs 1,15,174 crore. This is the highest inflation in monthly revenues for the last 22 months.

Till now, GST revenues have crossed Rs 1.2 lakh crore fourth times since the initiation of GST. This is the fourth month in a row in the prevailing financial year after the economy has been conferring marks or recovery post-pandemic that the GST revenues have been more than Rs 1 lakh crore. 

Further, the ministry declared that Close monitoring against fake billing, deep data analytics using data from multiple sources including GST, income tax and Custom IT systems and effective tax administration have contributed to the steady enhance in tax revenue over the last few months.

GST collection December 2020 crosses 1.15 lakh crore in FY 2020-21

In case, you need any kind of direction connected with the GST Registration, or any other GST compliance, please feel free to communicate with our business advisors at 8881-069-069.

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