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GST collection at nearly Rs 1.05 lakh Cr in Nov
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SME Times News Bureau | 01 Dec, 2020
Gross GST revenue collection in November stood at nearly Rs 1.05 lakh crore, an official statement said on Tuesday.
The revenues for the month of November 2020 were 1.4 per cent higher than the GST revenues in the same month last year.
During
the month, revenues from import of goods was 4.9 per cent higher and
the revenues from domestic transaction, including import of services,
are 0.5 per cent higher that the revenues from these sources during the
same month last year.
The total goods and services tax collected
includes Central GST (CGST) of Rs 19,189 crore, State GST (SGST) of Rs
25,540 crore and Integrated GST (IGST) of Rs 51,992 crore.
"The
gross GST revenue collected in the month of November, 2020 is Rs
1,04,963 crore of which CGST is Rs 19,189 crore, SGST is Rs 25,540
crore, IGST is Rs 51,992 crore (including Rs 22,078 crore collected on
import of goods) and Cess is Rs 8,242 crore (including Rs 809 crore
collected on import of goods)," said the Finance Ministry statement.
The total number of GSTR-3B returns filed for the month of November 30, 2020 was 82 lakh.
The
government has 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.
"While the mild month-on-month dip in the
headline GST collections in November 2020 relative to the previous month
is discouraging, the sharp decline in their YoY growth in between these
two months can be attributed to the base effect, related to the shift
in the festive dates," said Aditi Nayar, Principal Economist, ICRA.
"On
a positive note, the average pace of growth in GST collections in
October-November 2020 stood at a moderately healthy 6 per cent. The
trends regarding the sustainability of demand will be clearer in the
data on the GST collections for December 2020, which will be for the
transactions that took place in the month of November 2020."
According
to M.S. Mani, Senior Director, Deloitte India: "The trend of improved
collections three months in a row points to stability returning in
economic activities across the country and it is expected that this
trend is sustainable in the coming months."
"However, there is a
decline in collections in key states such as Maharashtra, UP, Delhi,
Karnataka, Telengana which could indicate that the revival in economic
activities has not been uniform across the country as Gujarat, AP, Tamil
Nadu, West Bengal, Odisha have recorded increase in collections during
the same period."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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84.35
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82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
Japanese
Yen |
55.05 |
53.40 |
As on 12 Oct, 2024 |
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