The GST collection is estimated to be Rs 1.21 to Rs 1.23 lakh crore in January. This will reduce the state GST collection to a minimum of Rs 11,000 crore. It has been said in a report. Efforts made to plug the GST collections have yielded positive results. SBI Research said in a report on Thursday that after a record Rs 1.15 lakh crore collection in December 2020, the GST collection in January 2021 could be Rs 1.21 to 1.23 lakh crore. And maybe it will be more.
According to the report, 50 per cent of the collected IGST (Integrated GST) is also distributed among the states by March, then taking into account the full compensation cess, the reduction in state GST will be only Rs 11,000 crore. Meanwhile, the surplus cash with the government increased significantly to Rs 3.34 lakh crore as on January 28. 1.08 lakh crore in September 2020 and 2.26 lakh crore in December.
Collection was so much last year
|Month||GST collection in crore|
This has led the government to take only a small amount of debt. As on January 22, the government took a loan of Rs 11.46 lakh crore and the total debt under the calendar year stood at Rs 13.03 lakh crore with a total loan of Rs 1.16 lakh crore, which is lower than the earlier Rs 13.10 lakh crore. The state GST (SGST) collection declined 12 percent to Rs 1.87 lakh crore in April-December 2020. The IGST allocated was Rs 1.26 lakh crore, down 13 percent.