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GST collection hits all-time high of 1.15 lakh crore

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In what is an indication of the strong festive demand and recovery in the economy, the Union government on Friday announced that Goods and Services Tax (GST) collections touched a record high of over Rs 1.15 lakh crore in December. It is the highest since the new tax regime was imposed by the Modi government on July 1, 2017.

The Union finance ministry in a statement said, “This is the highest growth in monthly revenues for the last 21 months. This has been due to the combined effect of the rapid economic recovery post-pandemic and the nation-wide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance.”

The total number of GSTR-3B returns filed for the month of November up to 31st December 2020 is 87 lakh. During the month, revenues from import of goods were 27% higher and the revenues from the domestic transaction (including import of services) are 8% higher than the revenues from these sources during the same month last year.

Facts and figures

In line with the recent trend of recovery in the GST revenues, the mop-up in December crossed Rs 1 lakh crore-mark for the third month in a row and was 12% higher than over Rs 1.03 lakh crore collected in December 2019.

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During December Central GST mop-up is Rs 21,365 crore, State GST is Rs 27,804 crore, Integrated GST is Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and Cess is Rs 8,579 crore (including Rs 971 crore collected on import of goods).

GST collection record of 1.13 lakh crore in April 2019

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 the Central Government and the State Governments after regular settlement in the month of December is Rs 44,641 crore for CGST and Rs 45,485 crore for the SGST.

The highest GST collection till now was Rs 1,13,866 crore in the month of April 2019. The revenues of April normally tend to be high since they pertain to the returns of March, which marks the end of the financial year.

 

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