GST revenue crosses Rs 1-lakh crore mark in December 2019

GST revenue crosses Rs 1-lakh crore mark in December 2019

The gross GST (Goods and Services Tax) revenue collection for December 2019 has crossed Rs 1-lakh crore mark, showing a 16 per cent rise in revenue YoY. It is for the ninth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs 1 lakh crore. The GST collection for December stood at Rs 1.03 lakh crore, of which CGST (Central GST) amounts to Rs 19, 962 crore, while SGST and IGST have been recorded at Rs 26,792 crore and 48,099 crore, respectively. Cess for the month stands at Rs 8,331 crore (including Rs 847 crore collected on imports).

A government statement said the total number of GSTR 3B Returns filed for November up to December 31 was 81.21 lakh. The GST revenue from domestic transactions for December has shown an impressive growth of 16 per cent over the revenue during December 2018, the statement said. “If we consider IGST collected from imports, the total revenue during December 2019 increased by 9 per cent in comparison to the revenue during December 2018. During this month, the IGST on import of goods has seen a negative growth of (-) 10 per cent, but is an improvement over (-) 13 per cent last month and (-) 20 per cent in October,” the statement said.

The government has settled Rs 21,814 crore to CGST and Rs 15,366 crore to SGST from the IGST as regular settlement. The total revenue earned by the Centre and the State governments after regular settlement in December stands at Rs 41,776 crore for CGST and Rs 42,158 crore for the SGST.

State-wise, Maharashtra recorded the highest GST collection for December at Rs 16,530 crore, followed by Karnataka (Rs 6,886 crore) and Tamil Nadu (Rs 6,422 crore). In November, the GST revenue stood at Rs 1.03-lakh crore, witnessing a 9 per cent growth. The gross GST revenue collected in October stood at Rs 95,380 crore. In September, it was Rs 91,916 crore, while the tax collection in August stood at Rs 98,202 crore.

Source: Business-Today.

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