Gross GST collections for January at record high: FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday announced that the gross GST collections for the month of January 2022 is at Rs 1,40,986 crore, which is the highest since the inception of GST.

January is the fourth month when Goods and Services Tax (GST) collection has crossed the Rs 1.30 lakh crore, and seventh month in a row when it crossed the Rs 1 lakh crore mark.

In December the collection was over Rs 1.29 lakh crore.

Presenting the Union Budget for 2022-23, the finance minister said remarkable progress has been made in GST regime, although there are still few challenges remaining.

 

 

She also informed that no set off of any loss will be allowed on undisclosed income detected during search and seizure operations, while any cess or surcharge on income is not allowed as business expenditure.

"The gross GST revenue collected in the month of January 2022 till 3 PM on January 31, 2022, is Rs 1,38,394 crore of which CGST is Rs 24,674 crore, SGST is Rs 32,016 crore, IGST is Rs 72,030 crore (including Rs 35,181 crore collected on import of goods) and cess is Rs 9,674 crore (including Rs 517 crore collected on import of goods)," the Finance Ministry had said on Monday.

The highest monthly GST collection has been Rs 1,39,708 crore in the month of 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.

Source::: THE ECONOMIC TIMES,  dated 01/02/2022.