GST Revenue Collections for the month of January 2019 crosses Rupees One Lakh Crore Mark
The total gross GST revenue collected in the month of January, 2019 is¬†Rs 1,02,503 crore¬†of which CGST is¬†Rs¬†17,763crore, SGST is¬†Rs¬†24,826¬†crore, IGST is¬†Rs¬†51,225¬†crore¬†(including¬†Rs¬†24,065 crore¬†collected on imports) and Cess is¬†Rs¬†8,690 crore¬†(including¬†Rs¬†902crore¬†collected on imports). In FY 2018-2019, it is for the third time that GST Revenue collection has crossed One Lakh Crore. The total number of GSTR 3B Returns filed for the month of December up to 31st¬†January, 2019 is¬†73.3lakh.
The government has settled Rs 18,344 crore to CGST and Rs 14,677 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of December, 2018 is¬†Rs 36,107 crore¬†for CGST and¬†Rs¬†39,503 crore¬†for the SGST.
The collection in January 2019 is a significant increase from the collection of Rs 94,725 crore in December, which was a decline from Rs 97,637 crore in November and Rs 1,00,710 crore in October. January 2019 collections are 14% above the January 2018 collections of Rs 89,825 crore. This jump has been achieved despite various tax reductions having come into force that provided major relief to the consumers. The gross GST collections over the last three-month period has been 14% higher than the corresponding period last year.
The following Chart shows Trends in Revenue during the Current Financial Year 2018-19 as compared to the Last FY 2017-18:The following Chart shows Trends in Revenue during the Current Financial Year 2018-19 as compared to the Last FY 2017-18: