India’s gross Goods and Services Tax revenues hit a record high in January with inflows of nearly ₹1.2 lakh crore, 8% higher than a year ago. The GST revenues are the highest since introduction of GST and has almost touched Rs 1.2 lakh crore mark.
The gross GST revenue collected is at Rs 1,19,847 crore of which CGST is ₹ 21,923 crore, SGST is ₹ 29,014 crore, IGST is ₹ 60,288 crore. A steep increasing trend over this period are clear indicators of rapid economic recovery following the COVID-19 pandemic.
“Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months,” the Finance Ministry said in a statement.
