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GST collections cross Rs 1 lakh crore for second time in 9 months

GST collections cross Rs 1 lakh crore for second time in 9 months

The gross GST revenue collected in November was Rs 1,04,963 crore of which CGST Rs 19,189 crore, SGST Rs 25,540 crore, IGST Rs 51,992 crore (including Rs 22,078 crore collected on import of goods) and Cess Rs 8,242 crore (including Rs 809 crore collected on import of goods)

Rs 1,04,963 crore of gross GST revenue collected in November 2020 Rs 1,04,963 crore of gross GST revenue collected in November 2020

The Goods and Services Tax (GST) collections for November grossed Rs 1,04,963 lakh crore, the second highest so far in the financial year, indicating that unlock process and various relief measures announced by the government helped address issues faced by businesses amid the COVID-19 pandemic. The GST collection stood at Rs 1,03,491 lakh crore in November 2019 and Rs 1,05,155 lakh crore in October 2020, highest in the current fiscal.  

Of gross GST collection of Rs 1,04,963 crore, central GST (CGST) was Rs 19,189 crore, state GST (SGST) Rs 25,540 crore and integrated GST (IGST) Rs 51,992 crore (including Rs 22,078 crore collected on import of goods) and Cess Rs 8,242 crore (including Rs 809 crore collected on import of goods), as per the data released by the Ministry of Finance on Tuesday.

"In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4 per cent higher than the GST revenues in the same month last year," the ministry said.

During the month under review, revenues from import of goods was 4.9 per cent higher and the revenues from domestic transaction (including import of services) are 0.5 per cent higher than the revenues from these sources during the same month last year.

The total number of GSTR-3B Returns filed for the month of November up to 30 November 2020 was 82 lakhs.

As per the data released by the FinMin, the government settled Rs 22,293 crore to CGST and Rs 16,286 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 November 2020 was Rs 41,482 crore for CGST and Rs 41,826 crore for the SGST.

By Chitranjan Kumar

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