January's GST recovery was Rs. Expected to be 1.15 lakh crore

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New delhi date. 28 January 2020, Tuesday

In January this year, the collection through Goods and Services Tax (GST) is expected to reach Rs 1.8 lakh crore. "We expect the GST recovery in January to be around Rs 1.8 lakh crore," said an official, adding that data collection and technology have succeeded in preventing rupture of Rs 1.5 crore in revenue.

The highest collection of GST in a single month has been Rs 1.8 lakh crore in the month of April 1, since the implementation of GST since July 1, which was in April. In November and December 3, the recovery figure was crossing Rs 1 lakh crore.

The revenue department had earlier set a target of Rs 1 lakh crore for January and February which has now been raised. The target for March has been increased to Rs 1.8 lakh crore.

The tax department expects revenues to be better through GST of 5 compared to fiscal year 1. In the first ten months of the last financial year, the revenue figures through GST are projected to be around Rs 1.8 lakh crore, against a deficit of Rs 2 crore in the current fiscal.

In the current financial year, the government estimates the net revenue through GST to rise by 5 percent to Rs 8.5 lakh crore.

Apart from the downturn in the economy, poor sales figures in some sectors, including auto and construction, have affected revenue through GST, the official said. Given this fact, the next budget is expected to announce steps that will increase demand.


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