The GST Collection (GST Collection) is estimated to be a record 1.21 to 1.23 lakh crore rupees in January. This will reduce the state GST collection to a minimum of Rs 11,000 crore. It has been said in a report. Efforts made to remove the gaps in the GST collection have yielded positive results. 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 could be Rs 1.21 to 1.23 lakh crore and may be a little more.
According to the report, 50% of the collected IGST (Integrated GST) is also distributed among the states by March, then taking into account the full compensation cess, the reduction in state GST will be only Rs 11,000 crore. Meanwhile, the surplus cash with the government increased significantly to Rs 3.34 lakh crore as on January 28. 1.08 lakh crores in September 2020 and 2.26 lakh crores in December. Due to this, the government has had to take a small amount of debt.
Government took a loan of 11.46 lakh crore rupees
As on January 22, the government took a loan of Rs 11.46 lakh crore and the total debt under the calendar year is 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. At the same time, the allocated IGST was Rs 1.26 lakh crore, which is 13 percent less.
GST collection crosses 1.15 lakh crore in December
Let us know that the Goods and Services Tax (GST) collection in December 2020 was Rs 1,15,174 crore. This is the highest collection till date in any month after the implementation of GST GST on 1 July 2017. This is the third consecutive month in the current financial year 2020-21, when the GST collection has crossed Rs 1 lakh crore. Earlier, GST collections in November and October were 1,05,155 crore and 1,04,963 crore respectively. This has led to a boom in collections due to the recent reforms introduced against GST thieves and fake bills and recovery in the economy after the epidemic.