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The impact of the Corona epidemic on GST recovery is over. Now the earnings from this have caught full speed. In January, the government has earned the highest ever gross of Rs 1.2 lakh crore from GST. This is more than December’s record earnings of Rs 1.15 lakh crore. Whereas, it is 8% higher than the previous year.

For the last 4 months, the government has been earning more than 1 lakh crore rupees from GST. The government said that the process of stopping fake bills, analyzing the data of GST, income tax and custom IT systems, and the stringent action of the authorities, has led to a steady increase in recovery for the past few months.

Recovery of 21 thousand 923 crore rupees from CGST The
government said that till 6 pm on 31 January 2021, the month-long recovery was Rs 1 lakh 19 thousand 847 crore. Of this, the share of CGST (Central GST) recovery was Rs 21 thousand 923 crore and the share of SGST (State GST) recovery was Rs 29 thousand 014 crore. The IGST (Import GST) recovery amounted to Rs 60 thousand 288 crore, of which Rs 27 thousand 424 crore was recovered from imported goods. A recovery of Rs 8 thousand 622 crore was made from the cess, including a cess recovery of Rs 883 crore achieved from imported goods.

The share of IGST recovery was 60 thousand 288 crore, of which 27 thousand 424 crore was recovered from imported goods.
The share of IGST recovery was 60 thousand 288 crore, of which 27 thousand 424 crore was recovered from imported goods.
A total of 90 lakh GSTR-3B returns were filed
in the month of January, till 31 January 2021, a total of 90 lakh GSTR-3B returns were filed. The government has settled Rs 24 thousand 531 crore in IGST to CGST and Rs 19 thousand 371 crore in SGST as a regular settlement. After regular settlement, in January 2021, the central government earned a total of 46 thousand 454 crore rupees from CGST and a total of 48 thousand 385 crore rupees from SGST to all states.

Continuous increase in recovery since
5 months GST recovery has been increasing continuously since last 5 months. Recovery increased 8% per cent in January 2021 over January 2020. Even in January 2020, the recovery was more than Rs 1.1 lakh crore. The recovery from import of goods last month was 16% higher on a year-on-year basis and the recovery from domestic transactions (including import of services) was 6% higher on a year-on-year basis. The year-over-year growth rate of GST revenue has been 8% in the first 4 months of the second half of this business year. Whereas, GST revenue fell 24% on a year-on-year basis in the first half of this business year.

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