Breaking News

You are here » Indian-Commodity  :  Economy  :  GST collections rise to Rs 1.02 lakh crore in January 2019


GST collections rise to Rs 1.02 lakh crore in January 2019

The Finance Ministry has said Goods and Services Tax (GST) collections rose to Rs 1.02 lakh crore in January 2019. This was the second highest monthly mop-up after April. This was a significant increase from the collection of Rs 94,725 crore in December 2018, and 14% higher than January 2018 collection of Rs 89,825 crore.  The total number of sales return or GSTR-3B filed for the month of December up to January 31, 2019 was 73.3 lakh.

The Ministry further stated that the total gross GST revenue collected was Rs 1,02,503 crore in January 2019, of which Central GST (CGST) was Rs 17,763 crore, State GST (SGST) was Rs 24,826 crore, Integrated GST (IGST) was Rs 51,225 crore and Cess was Rs 8,690 crore. This was the third time in current fiscal that revenues from GST have crossed Rs 1 lakh crore mark. In April and October too, the collections surpassed this milestone.

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 the central government and state governments after regular settlement in December 2018 was Rs 36,107 crore for CGST and Rs 39,503 crore for SGST.

Besides, the ministry mentioned that GST collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October, Rs 97,637 crore in November and Rs 94,725 crore in December 2018.

Related News

View all news

CPI inflation hits 6-month high of 2.92% in April

India's retail inflation based on Consumer Price Index (CPI) continued northward journey for third straight month and inched up to a 6-month high of 2.92% in April 2019 due to a spike in food prices, including......

Indian economy to grow at 7% range in current fiscal: Subramanian

Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian has said  that the Indian economy would grow at 7% range in the current financial year (FY20) powered by the effects of the strong structural......

Banks take 57% haircut in 94 cases resolved in FY19: ASSOCHAM-CRISIL study

A joint study carried out by the industry body Associated Chambers of Commerce & Industry of India (ASSOCHAM) and rating agency CRISIL stated that banks have taken a huge 57% haircut in the 94......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......