The Finance Ministry said that gross GST revenue stood at Rs 1,15,174 crore in December 2020, and is the highest since Goods and Service Tax was implemented.
Delhi| While 2020 has been a bad year for the Indian economy, the year has given a reason to the govt to slightly cheer up at the fag end. The GST collection was more than Rs 1 lakh crore in December. This is the third consecutive month when the GST collection has crossed the 1 Lakh crore mark.
According to the data released by the Finance Ministry, the GST collection in December 2020 stood at Rs 1,15,174. The figure for Goods and Services Tax collection stood at Rs 1.05 lakh crore in October. For the first time since February, the GST collection figures crossed one lakh crore rupees in October and for the second consecutive month in November, the figure crossed one lakh crore rupees. The trend also continued in December.
✅GST Revenue collection for December 2020 recorded all time high since implementation of GST
✅The gross GST revenue collected in the month of December 2020 is ₹ 1,15,174 croreRead more➡️ https://t.co/efdpXZaKx8#IndiaFightsCorona pic.twitter.com/wd6pGiweSi
— Ministry of Finance (@FinMinIndia) January 1, 2021
The Finance Ministry said in a statement that gross GST revenue stood at Rs 1,15,174 crore in December 2020, and is the highest for any month after the Goods and Services Tax was implemented. “This is the highest monthly revenue growth in the last 21 months,” the statement said. This was made possible due to the rapid economic recovery after the epidemic and the nationwide campaign against GST evasion and fake bills, and systemic changes. A total of 87 lakh GSTR-3B returns were filed from November to 31 December.
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Revenue from imported goods grew by 27 per cent in the month under review and revenue from domestic transactions (including import services) was up eight per cent from the same period last year. In line with the recent trends in improving GST revenue, revenue collection crossed the Rs 1 lakh crore mark for the third consecutive month. Total revenue collection in December 2020 was 12 per cent higher than in December 2019.
The central GST collection in December stood at Rs 21,365 crore, the state GST collection at Rs 27,804 crore, integrated Goods and Service Tax at Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess at Rs 8,550 crore (including Rs 971 crore collected on imports).
The government’s Goods and Services Tax collection stood at Rs 1.04 lakh crore in November. However, GST revenue figures are down marginally compared to October. It stood at Rs 1.05 lakh crore in October, in November it is 1.4 per cent higher than the same month in the previous year. It stood at Rs 1,03,491 crore in November 2019.
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