GST collection in December at all-time high with over Rs 1.15 lakh crore revenue
The NDA government's booster shots for the economy seem to have triggered a step-up in the Goods and Services Tax (GST) collection in the month of December as the month saw the collection of over Rs 1.15 lakh crore, the finance ministry said on Friday.
December 2020 saw a record high of over Rs 1.15 lakh crore in the GST collection revenue. In fact, the revenues for the month of December 2020 are 12 per cent higher than the GST revenues in the same month in 2019. In November 2020, the GST collection had crossed Rs 1 lakh crore mark.
The highest jump in the GST collection was witnessed in Dadra and Nagar Haveli, with a growth of 68 per cent year on year, the collection during the month of December 2019 was Rs 154 crore and in 2020, it stood at Rs 259 crore.
Tripura saw the second-highest jump at 25 per cent year on year basis. The Central GST stands at Rs 21,365 crore and the state GST is at Rs 27,804 crore.
For the month of December, the integrated GST stood at Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess at Rs 8,579 crore (including Rs 971 crore collected on import of goods).
The total number of GSTR-3B returns filed for the month of November up till December 31, 2020, is 87 lakh.
The government has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as a regular settlement. The total revenue earned by the 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 SGST.
The GST revenues during December 2020 have crossed Rs 1.15 lakh crore for the first time. The highest GST collection till now was Rs 1,13,866 crore in the month of April 2019. 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 in the past 21 months. This has been due to the combined effects of the rapid economic recovery and the nationwide drive against the GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance.