Goods and services tax collection has crossed the Rs 1 lakh crore-mark for the third month in a row in January on the back of anti-evasion steps taken by tax officers. This is second time since introduction of GST in July 2017 that the monthly revenues have crossed Rs 1.1 lakh crore. The GST collection is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after a high-level meeting with senior tax officials earlier this month.<\/p>\n\n\n\n
Taking into account the integrated goods and services tax collected from imports of goods, the total revenue during January 2020 has increased by 8 per cent in comparison to the revenue during January 2019, it said.<\/p>\n\n\n\n
“The gross GST revenue collected January 2020 is Rs 1,10,828 crore, of which CGST is Rs 20,944 crore, SGST is Rs 28,224 crore, IGST is Rs 53,013 crore and Cess is Rs 8,637 crore it said.<\/p>\n\n\n\n
The total revenue earned by the centre and state governments after regular settlement in January 2020 is Rs 45,674 crore for CGST and Rs 46,433 crore for SGST.<\/p>\n\n\n\n
This month, the government set an ambitious target of Rs 1.1 lakh crore monthly GST revenue for the remaining part of the current fiscal and asked taxmen to step up efforts to achieve the goal.<\/p>\n\n\n\n
To augment revenue collection, the Revenue Secretary revised GST collection target to Rs 1.25 lakh crore for the last month of this financial year with specific focus on fraudulent input tax credit claims as found in data analytics review.<\/p>\n\n\n\n
It was emphasised that GST authorities would look into the mismatch of supply and purchase invoices, data analytics of mismatch in GSTR-1, GSTR-2A and GSTR-3B, failure of filing returns, over-invoicing, recuperation of fake or excess refunds availed beyond the permissible limits.<\/p>\n","protected":false},"excerpt":{"rendered":"
Goods and services tax collection has crossed the Rs 1 lakh crore-mark for the third month in a row in January on the back of anti-evasion steps taken by tax officers. This is second time since introduction of GST in July 2017 that the monthly revenues have crossed Rs 1.1 lakh crore. The GST collection […]<\/p>\n","protected":false},"author":1,"featured_media":79321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-79320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/79320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=79320"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/79320\/revisions"}],"predecessor-version":[{"id":79322,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/79320\/revisions\/79322"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/79321"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=79320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=79320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=79320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}