Finance

Highest GST collected in December

Goods and Services Tax (GST) crossed Rs 1.15 lakh crore in December

Gross revenue on account of Goods and Services Tax (GST) crossed Rs 1.15 lakh crore in December, up 12 per cent in the year-ago period, the government said on Friday.

Since the introduction of GST, it is the first time that they have crossed Rs 1.15 lakh crore. The highest GST collection till now was Rs 1.13 lakh crore in April 2019. Of the Rs 115,174 crore in December 2020, the Central GST was Rs 21,365 crore, State GST Rs 27,804 crore and Integrated GST Rs 57,426 crore (including Rs 27,050 crore collected on imports) and cess Rs 8,579 crore (including Rs 971 crore collected on imports).

The total number of GSTR 3B returns filed for the month of November up to December 31 is Rs 87 lakh, according to a statement issued by the Ministry of Finance.

The government settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as regular settlement.

Source: Social Media

The total revenue earned by Central government and state governments after regular settlement in December is Rs 44,641 crore for CGST and Rs 45,485 crore for the SGST.

“This is the highest growth in monthly revenues since the last 21 months,” said the statement. The December 2020 revenues are significantly higher than last month’s revenues of Rs 104,963 crore.

“It has been due to combined effect of the rapid economic recovery post-pandemic and the nationwide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance.”

This is the third month in a row in a current financial year after the economy has been showing signs of recovery post-pandemic that the GST revenues have been more than Rs 1 lakh crore.

The average growth in GST revenues during the last quarter has been 7.3 per cent as compared to minus 8.2 per cent during the second quarter and minus 41 per cent during the first quarter of the financial year.

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