While presenting the Union Budget 2022-23, Union Finance Minister Nirmala Sitharaman announced that the Goods and Service Tax (GST) collections in January 2022 stood at Rs. 1,40,986 crore, the highest monthly collection since the rollout of the GST.
Earlier, the finance ministry announced that the GST collections 2022 till 7 PM of 31st January 2022 stood at Rs. 1,38,394, which consists of the following:
|Type of GST
(Rs in crore)
The Integrated GST (IGST) includes an amount of Rs.35,181 crore collected on import of goods, and the GST Cess includes Rs.517 crore collected on import of goods.
These collections are higher than 24% of January 2021 and higher than 35% compared to January 2020.
The record GST collection of 1.4 trillion in January 2022 will definitely help in improving the tax buoyancy and reducing the fiscal deficit. Though the high GST collections indicate economic growth, the department should track refunds to be paid back to taxpayers.
The previous record monthly GST collection was Rs. 1,39,708 crore in April 2021. The total number of GSTR-3B returns filed up to 30th January 2022 stood at 1.05 crore, including 36 lakh quarterly returns.
During the Budget 2022 speech, the Union FM stated that the robust collections were possible due to rapid economic growth recovery post-COVID and policy and administrative initiatives undertaken by central and state tax administrations.
FM stated that the taxpayers deserve applause who have diligently contributed in fulfilling their responsibilities towards improved income tax and GST. Also, she reiterated that the GST has been a landmark reform, and now we can appreciate the IT-driven and progressive GST regime.
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DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.