GST Collections Reach All-Time High Of Rs 1.15 Lakh Crore For November
GST collections have remained above the Rs 1-lakh-crore mark for three months in a row.
The government’s goods and services tax collection surged to an all-time high as economic activities picked up amid the festive season after the nation lifted lockdown restrictions.
GST revenue for November, collected in December, stood at Rs 1.15 lakh crore, according to a statement from the Ministry of Finance. That was 10% higher than the previous month—the biggest growth in monthly revenues in the last 21 months. The collections were 12% higher than November 2019.
The increase in revenue was due to the “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”, according to the ministry’s statement.
GST collections have now remained above the Rs 1-lakh-crore mark for three months in a row.
Breakup of GST collections for November:
- Central GST: Rs 21,365 crore
- State GST: Rs 27,804 crore
- Integrated GST: Rs 57,426 crore (including Rs 27,050 crore collected on import of goods)
- Compensation cess: Rs 8,579 crore (including Rs 971 crore collected on import of goods)
Integrated GST is settled between states and the central government based on consumption in respective states. After the settlement, central and state GST stood at Rs 44,641 crore and Rs 45,485 crore, respectively. Total monthly GSTR-3B returns filed for November, as on Dec. 31, were 87 lakh, the statement said.