GST collection crosses Rs1 lakh crore mark in November
The gross GST revenue collected in November 2020 is ₹ 1,04,963 crore
In a positive sign to the economic recovery amid the Covid-19 pandemic, the revenue from the Goods and Services Tax (GST) exceeded Rs 1 lakh crore for the second consecutive month at Rs104,963 crore in November, posting a 1.4 percent annualized growth.
“In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4% higher than the GST revenues in the same month last year,” the Union finance ministry said in a statement.
Rs 1,04,963 crore of gross GST Revenue collected in the month of November 2020.— Ministry of Finance (@FinMinIndia) December 1, 2020
The total number of GSTR-3B Returns filed for the month of November up to 30th November 2020 is 82 lakhs
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According to the data provided by the Finance Ministry, the gross GST revenue collected in November 2020 is ₹ 1,04,963 crore of which Center Goods and Services Tax (CGST) is ₹ 19,189 crore, State Goods and Services Tax (SGST) is ₹ 25,540 crore, Integrated Goods and Services Tax (IGST) is ₹ 51,992 crore (including ₹ 22,078 crores collected on import of goods)
The collection of compensation Cess this month is ₹ 8,242crore (including ₹ 809 crores collected on import of goods), the statement said.
During the month, revenue from import of goods was 4.9 percent higher and the revenues from the domestic transaction (including import of services) are 0.5 percent higher than the revenues from these sources during the same month last year.
The government has settled Rs 22,293 crore to CGST and Rs16,286 crore to SGST from IGST as a regular settlement. “The total revenue earned by the Central government and the state governments after regular settlement in November 2020 is Rs41,482 crore for CGST and Rs41,826 crore for the SGST,” it said.
The total number of GSTR-3B Returns filed for November up to 30th November 2020 is 82 lakhs.
The GST revenues had topped ₹ 1 lakh crore in 8 out of 12 months of FY 2019-20. However, in the current fiscal, the revenues have taken a hit due to the lockdown and resultant slowdown in the economy.
The revenues in April were ₹ 32,172 crore, May (Rs 62,151 crore), June (Rs 90,917 crore), July (Rs 87,422 crore), August (Rs 86,449 crore) and September (Rs 95,480 crore).