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GST collections hit record high
GST collections hit record high
Rs 1.15 lakh crore revenue collected in Dec 2020
New Delhi: 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.
