The gross GST revenue collected in the month of January 2021till 6PM on 31.01.2021 is ₹ 1,19,847 crore of which CGST is ₹ 21,923 crore, SGST is ₹ 29,014 crore, IGST is ₹ 60,288 crore (including ₹ 27,424 crore collected on import of goods) and Cess is ₹ 8,622 crore (including ₹ 883crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of December up to 31stJanuary 2021 is 90 lakhs.
The government has settled ₹ 24,531 crore to CGST and ₹ 19,371 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of January 2021 is ₹ 46,454 crore for CGST and ₹ 48,385 crore for the SGST.
In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of January 2021 are 8% higher than the GST revenues in the same month last year, which in itself was more than ₹ 1.1 lakh crore. During the month, revenues from import of goods was 16% higher and the revenues from domestic transaction (including import of services) are 6% higher than the revenues from these sources during the same month last year.
The GST revenues during January 2021 are the highest since introduction of GST and has almost touched the ₹ 1.2 lakh crore mark, exceeding the last month’s record collection of ₹1.15 lakh crore. GST revenues above ₹ 1 lakh crore for a stretch of last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic. Closer monitoring against fake-billing,deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months.
The average YoY growth in GST revenue over the first four months in the second half of the financial year has been 8% as compared to (-) 24% during the first half of the year.
Union Textiles Minister Smriti Zubin Irani inaugurates 8th India International Silk Fair on Virtual Portal from 31st January to 4th February
Union Minister for Women & Child Development and Textiles, Smt Smriti Zubin Irani inaugurated the 8th edition of India International Silk Fair virtually, today.The fair is considered to be India’s biggest silk fair, being held under one roof on Indian Silk Export Promotion Council’s virtual platform from 31stJanuary to 4thFebruary 2021. The event is being held virtually due to COVID-19 pandemic. Inaugurating the Fair, Smt. Irani stated that more than 200 overseas buyers have already registered and equal number of their representatives in India shall be interacting on virtual platform with more than 100 renowned and big Indian companies manufacturing and trading silk and silk blended products. The Minister called upon the exhibitors and overseas buyers to take part in this initiative to celebrate the beauty and vibrancy of Indian silk.
India International Silk Fair is the Sourcing Fair for silk and silk blend products organised by the Indian Silk Export Promotion Council under the aegis of Ministry of Textiles and sponsored by Department of Commerce. India has long history of silk production and is the 2nd largest producer of Silk. India is the only country in the world which produces all the four major varieties of silk i.e. Mulberry, Eri, Tassar, and Muga and has large varieties of products to offer i.e. Garments, fabrics and sarees, made-ups,carpets, hi-fashion silk apparels, gift items, scarves, stoles, home furnishing, curtains etc. India has around 11 Geographical Indications (GI) such as Pochampally Ikat,Chanderpaul Silk, Mysore Silk, Kanchipuram Silk, Muga Silk, Salem Silk, Arni Silk,Champa Silk, Bhagalpur Silk, Banaras Brocade and Sarees etc.
The challenges posed before the exporters during COVID-19 pandemic have led the Govt. and trade to look for an alternate business module and organising Silk Fair by the Council on Virtual mode is maiden initiative and is expected to revive business contacts with overseas trading partners.