GST Collection: SBI Research said in a report on Thursday that after a record Rs 1.15 lakh crore collection in December 2020, the GST collection in January 2021 (GST Collection) can be between 1.21 to 1.23 lakh crore.
New Delhi. The GST collection is estimated to be Rs 1.21 to 1.23 lakh crore in January. This will reduce the state GST collection to a minimum of Rs 11,000 crore. SBI Research said in a report on Thursday that after the record collection in December 2020 was Rs 1.15 lakh crore, the January 2021 GST collection is expected to be 1.21 1.23 lakh crore. Since the implementation of the GST system, there is a continuous rapid recovery.
According to the report, 50 percent of the collected IGST is also distributed among the states by March, then the reduction in state GST will be only Rs 11,000 crore. Meanwhile, the surplus cash balance with the government has increased to Rs 3.34 lakh crore by January 28. Which was Rs 1.08 lakh crore in September 2020 and Rs 2.26 lakh crore in December. Due to this, the government has had to take a small amount of debt.
As on January 22, the government had taken a loan of Rs 11.46 lakh crore and the total debt under the calendar year was Rs 13.03 lakh crore with a total loan of Rs 1.16 lakh crore, which is less than the earlier Rs 13.10 lakh crore. The state GST (SGST) collection declined 12 per cent to Rs 1.87 lakh crore in April-December 2020. The GST cess collection has been Rs 60,312 crore (17 percent) less than the previous year. At the same time, the allocated IGST was Rs 1.26 lakh crore, which is 13 percent less.
continued rapid recovery
For the past few months, the GST collection data has been steadily witnessing a rapid recovery. The GST collection in December 2020 was Rs 1,15,174 crore. This was the highest GST collection in any month after the GST law came into force. This is about 12 per cent more than in the month of December last year. This is the third consecutive month in the current financial year, when the GST collection has crossed Rs 1 lakh crore. In its previous month i.e. November 2020, the total GST collection was Rs 1,04,963 crore.
