Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

1,10,828 crore GST Gross Revenue collected for January

The gross GST revenue collected in the month of January 2020 is ₹ 1,10,828 crore of which CGST is ₹ 20,944 crore, SGST is ₹ 28,224 crore, IGST is ₹ 53,013 crore (including ₹ 23,481 crores collected on imports) and Cess is ₹ 8,637 crore (including ₹ 824 crores collected on imports). The total number of GSTR 3B Returns filed for the month of December up to 31st January 2020 is 83 lakh (prov).

The government has settled ₹ 24,730 crores to CGST and ₹ 18,199 crore to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of January 2020 is ₹ 45,674 crore for CGST and ₹ 46,433 crores for the SGST.

The GST revenues during the month of January 2020 from domestic transactions have shown an impressive growth of 12% over the revenue during the month of January 2019. Taking into account the IGST collected from imports of goods, the total revenue during January 2020 has increased by 8% in comparison to the revenue during January 2019. During this month, the IGST on import of goods has shown a negative growth of (-) 3% as compared to January 2019. This is the only the second time since the introduction of GST gross revenue that the monthly revenues have crossed ₹ 1.1 lakh crore and sixth time during the year it has crossed ₹ 1 lakh crore. The chart shows trends in revenue during the current year. The table shows the state-wise figures of GST collected in each State during the month of January 2020 as compared to January 2019.


Read more at: https://www.taxscan.in/110828-crore-gst-gross-revenue-collected-for-january/46784/

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