Economy News

January 2021 to report the highest record of GST collection

According to the volatile market situations, now it is expected that January 2021 will come up with record GST collections.

The total estimate is expected to be around Rs 1.21 to 1.23 lakh crore. Meanwhile, the state GST is expected to end around Rs 11,000 crore according to reports.

This expectation is surmounting after record high GST collection for the month of December 2020. Last session was already too high at Rs 1.15 lakh crore, the same is being expected for the January 2021 session as well.

This is the reason why as such reports of Rs 1.21 to 1.23 lakh crore are coming out as per SBI research. However, this range was just an expected benchmark estimate, according to sources, this range can further move up.

The available reports also added further if 50 percent IGST is donated in the states by March then the state GST can come down at a minimal amount of Rs 11,000 crore.

This amount will further come after taking the full compensation cess.

It is also valuable to know that the surplus cash balances in the government’s account have also increased. The surplus has significantly reached to Rs 3.34 lakh crore on January 28, 2021.

Earlier, the surplus amount was Rs 1.08 lakh crore in September . It rose to Rs 2.26 lakh crore in December 2020 and it gradually grew to Rs 3.34 lakh crore.

Also, the SGST collections for the state is 12 percent which is lower at Rs 1.87 lakh crore in April-December session. However, the total GST is 13% below at Rs 1.26 lakh crore.

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