Govt collects Rs 1,04,963 crore GST in November, crosses Rs 1 lakh crore mark second time since April

Govt collects Rs 1,04,963 crore GST in November, crosses Rs 1 lakh crore mark second time since April

Goods and service tax (GST) collections for November stood at Rs 1.04 lakh crore, marginally lower than Rs 1.05 lakh crore collected in October this year, but higher than Rs 1.03 lakh crore collected in the same month last year.

The numbers showed the second consecutive month of collections clocking up more than Rs 1 lakh crore, indicating continued economic recovery, said experts.

“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 finance ministry said in a statement Tuesday.

During the month, revenues from import of goods was 4.9% higher and the revenues from domestic transaction (including import of services) are 0.5% higher that the revenues from these sources during the same month last year, the ministry added.

“Second straight month of Rs 1 lakh plus collection is certainly indicative of continued economic recovery and the collections being slightly more same month last year is quite encouraging. This should also help in containing the shortfall of GST collections caused due to the pandemic,” said Abhishek Jain, tax partner.

Of the gross collections in November, Central GST stood at Rs 19,189 crore, State GST at Rs 25,540 crore, integrated GST at Rs 51,992 crore which included Rs 22,078 crore collected on import of goods, and cess was at Rs 8,242 crore, which included Rs 809 crore collected on import of goods.
The total number of GSTR-3B Returns filed for the month of November up to 30th November 2020 was 82 lakhs, the ministry added.

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 is Rs 41,482 crore for CGST and Rs 41,826 crore for the SGST.

A majority of states have shown an increase in GST collections, data from the ministry revealed, while nearly 15 states showing a dip in collections.

Source: Economic-Times.

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