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Dec GST collection hits record high, over Rs 1.15 lakh cr
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SME Times News Bureau | 01 Jan, 2021
The gross Goods and Services Tax (GST) revenue collected in December 2020 reached a record high of over Rs 1.15 lakh crore.
Out
of the total GST revenue collection of Rs 1,15,174 crore, Central GST
(CGST) was Rs 21,365 crore, State GST (SGST) was Rs 27,804 crore,
Integrated GST (IGST) was Rs 57,426 crore (including Rs 27,050 crore
collected on import of goods), said a Finance Ministry statement.
Cess contributed Rs 8,579 crore to the overall GST revenue, including Rs 971 crore collected on import of goods.
"The
GST revenues during December 2020 have been the highest since the
introduction of GST and it is the first time that it has crossed Rs 1.15
lakh crore. The highest GST collection till now was Rs 1,13,866 crore
in the month of April 2019," the statement said.
As per the
official statement, the revenues of April usually tend to be high since
they pertain to the returns of March, which marks the end of the
financial year.
The December 2020 revenues are significantly
higher than last month's revenues of Rs 1,04,963 crore. This is the
highest growth in monthly revenues since the last 21 months.
The
growth can be attributed to the combined effect of the rapid economic
recovery and the nationwide drive against GST evaders and fake bills
along with many systemic changes introduced recently, which have led to
improved compliance, as per the ministry.
The total number of GSTR-3B Returns filed for the month of November up to December 31, 2020 was 87 lakh.
"The
government has settled Rs 23,276 crore to CGST and Rs 17,681 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 December 2020 is Rs 44,641 crore for CGST and Rs 45,485
crore for the SGST," it said.
In line with the recent trend of
recovery in the GST revenues, the revenues for the month of December
2020 are 12 per cent higher than the GST revenues in the same month last
year.
During the month, revenues from import of goods was 27 per
cent higher and the revenues from domestic transaction, including
import of services, were 8 per cent higher than the revenues from these
sources during the same month last year.
The statement noted that till now, GST revenues have crossed Rs 1.1 lakh crore three times since the introduction of GST.
The
average growth in GST revenues during the last quarter has been 7.3 per
cent as compared to (-) 8.2 per cent during the second quarter and (-)
41.0 per cent during the first quarter of the financial year.
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Customs Exchange Rates |
Currency |
Import |
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US Dollar
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87.50
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84.65 |
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75.65 |
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As on 13 Aug, 2022 |
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