Indian economy improves, second month GST collection crosses 1 lakh crore - Newztezz Online


Wednesday, December 2, 2020

Indian economy improves, second month GST collection crosses 1 lakh crore

New Delhi:
 People's life is slowly coming back on track once again in the Corona era. Now the economy of the country seems to be improving. For the second consecutive month after the lockdown, GST revenue has crossed the 1 lakh crore mark. According to data released by the Finance Ministry, the GST collection in November stood at Rs 1,04,963 crore.

For the first time since February, the GST collection had crossed Rs 1 lakh crore in October. The ministry said that the total number of GSTR-3B returns filed for the month of November by 30 November 2020 was 82 lakh. The government gave Rs 22,293 crore to CGST and Rs 16,286 crore from IGST to SGST as regular settlement.

The total revenue earned by the Central Government and the State Governments after regular settlement in November 2020, is Rs 41,482 crore for CGST and Rs 41,826 crore for SGST. Let us tell you that in the last financial year 2019-20, in eight months out of 12, GST revenue was more than one lakh crore rupees. However, GST revenue has been affected by the lockdown imposed due to Corona virus epidemic in the current financial year.

The total GST revenue in November 2020 has been Rs 1,04,963 crore. Of this, the central GST is Rs 19,189 crore, the state GST is Rs 25,540 crore and the integrated GST is Rs 51,992 crore (out of which Rs 22,078 crore is raised on import of goods). Cess has contributed Rs 8,242 crore (including Rs 809 crore raised on import of goods).

During the month, revenue from import of goods was 4.9% higher and revenue from domestic transactions (including import of services) was 0.5% higher that revenue from these sources increased during the same month last year. The GST revenue figure has declined marginally compared to October. It stood at Rs 1.05 lakh crore in October.

GST collection in November is 1.4 percent higher than the same month in the previous year. The GST collection stood at Rs 1,03,491 crore in November 2019. The GST collection in April was just Rs 32,172 crore in the current financial year. The GST collection was Rs 62,151 crore in May, Rs 90,917 crore in June, Rs 87,422 crore in July, Rs 86,449 crore in August, Rs 95,480 crore in September and Rs 1,05,155 crore in October.

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