GST Revenue Collection in December is 1.15 Lakh Crore, All time high

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In a statement issued by the Finance Ministry, the gross GST revenue collection is Rs 1,15,174 crore in December 2020. This is the highest monthly revenue growth in the last 21 months.

Though it is said that 2020 has been a bad year for the Indian economy, the last quarter of the year has given a reason has cheered up the govt slightly. The GST collection was more than Rs 1 lakh crore in December. This is the third consecutive month when the GST collection has crossed the 1 Lakh crore mark.

The statistics released by the Finance Ministry, shows that the GST collection in December 2020 was Rs 1,15,174. In October, the collection was Rs 1.05 lakh crore. GST was implemented in February but the GST collection figures crossed one lakh crore rupees in October and the trend continued for the next two consecutive months November, and December.

This huge revenue collection was made possible due to the rapid economic recovery after the epidemic and the nationwide campaign against GST evasion and fake bills, and systemic changes. A total of 87 lakh GSTR-3B returns were filed from November to 31 December.

The revenue grew by 27 per cent from imported goods, i.e eight per cent from the same period last year.

Revenue collection crossed the Rs 1 lakh crore mark for the third consecutive month, due to the effort done in improving GST revenue. The total revenue collection in December 2020 was 12 per cent higher than in December 2019.

The central GST collection in December was Rs 21,365 crore, the state GST collection at Rs 27,804 crore, integrated Goods and Service Tax at Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess at Rs 8,550 crore (including Rs 971 crore collected on imports).

The government’s Goods and Services Tax collection was Rs 1.04 lakh crore in November. However, GST revenue figures are down marginally compared to October. It stood at Rs 1.05 lakh crore in October, in November it is 1.4 per cent higher than the same month in the previous year. It stood at Rs 1,03,491 crore in November 2019.

ALSO READ: Centre Violated GST Compensation Cess Act, Used Funds Elsewhere: CAG

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