Budget 2022: GST collections in Jan 2022 at Rs 1,40,986 crores highest since GST’s inception

Sitharaman said that the gross GST collections for the month of January 2022 at Rs 1,40,986 crores are the highest since the inception of GST.

New Delhi: Finance Minister Nirmala Sitharaman, on Tuesday (February 1), said that the gross GST collections for the month of January 2022 at Rs 1,40,986 crores are the highest since the inception of GST. 

While giving the Budget 2022 presentation, Sitharaman also thanked the taxpayers, and said, “Taxpayers deserve applause who have diligently contributed to fulfilling their responsibilities in improved tax and GST.” 

GST collection in January had witnessed a growth of 15 per cent over the year-ago period, on pick up in economic activity and anti-evasion measures, the Finance Ministry said on Monday.

Notably, January 2022 is the fourth month when GST collection has surpassed the Rs 1.30 lakh crore mark, and the seventh month in a row when it crossed the Rs 1 lakh crore mark. In December 2021, the collection was over Rs 1.29 lakh crore.

On the other hand, the total number of GSTR-3B returns filed up to January 30, 2022, is 1.05 crore, including 36 lakh quarterly returns.

"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 ministry said. Also Read: Budget 2022: Cryptocurrencies to be taxed at 30%, says FM Nirmala Sitharaman

"Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalisation measures undertaken by the council to correct inverted duty structure," the ministry said. Also Read: Budget 2022: FM Sitharaman announces no change in income tax slab for individual taxpayers