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GST collection hits second highest level of Rs 1.3 lakh crore in November.


Date: 02-12-2021
Subject: GST collection hits second highest level of Rs 1.3 lakh crore in November
The gross GST revenue scaled its second highest peak of Rs 131,526 crore in November. In April, the collection had hit its record high of Rs 139,708 crore.

The GST collection crossed Rs. 1.30 lakh crore for the second straight month, the finance ministry data showed.

Out of the Rs 131,526-crore gross GST revenue collected in November, CGST was Rs 23,978 crore, SGST was Rs 31,127 crore, and IGST was Rs 66,815 crore.

Revenues for November 2021 are 25 percent higher than the GST revenues mopped up a year ago and 27 percent over 2019-20.

During the month, revenues from import of goods was 43 percent higher and the revenues from domestic transaction were 20 percent higher than the revenues from these sources during the same month last year.

"The GST revenues for November 2021 have been the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month’s collection, which also included the impact of returns required to be filed quarterly. This is very much in line with the trend in economic recovery," Ministry of Finance said in a press statement.

The recent trend of high GST revenues has been a result of various policy and administrative measures that have been taken in the past to improve compliance, it added.

The government has settled Rs 27,273 crore to CGST and Rs 22,655 crore to SGST from IGST as regular settlement. The total revenue of centre and the States after regular settlements in the month of November 2021 is Rs 51,251 crore for CGST and Rs 53,782 crore for the SGST.

Centre has also released ₹ 17,000 crore to States/UTs towards GST compensation on 3rd November.

The finance ministry said a large number of initiatives have been undertaken in the past one year, which include enhancement of system capacity, nudging non-filers after last date of filing of returns, auto-population of returns, blocking of e-way bills and passing of input tax credit for non-filers which  led to consistent improvement in the filing of returns over the last few months.

Source:moneycontrol.com

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