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GST collections for December 2020 highest ever at Rs 1.15 lakh crore
GST collections for December 2020 highest ever at Rs 1.15 lakh crore
GST Revenue collection for last month has been recorded to be an all-time high since the implementation of the Goods and Services Tax (GST) in the country.
GST Revenue collection for last month has been recorded to be an all-time high since the implementation of the Goods and Services Tax (GST) in the country. The gross GST revenue collected in the month of December 2020 stood at Rs 1,15,174 crore of which CGST was Rs 21,365 crore, SGST was Rs 27,804 crore, IGST was Rs 57,426 crore including Rs 27,050 crore collected on import of goods and cess was Rs 8,579 crore including Rs 971 crore collected on goods imports.
The total number of GSTR-3B Returns filed for November up to December 31, 2020, was Rs 87 lakhs. The revenue collected is 12 per cent higher than the GST revenues in the corresponding period lasting last financial year.
The GST revenues during December 2020 have been the highest since the introduction of GST and it is the first time that it crossed Rs 1.15 lakh crore. The highest GST collection to date was Rs 1,13,866 crore in 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. The December 2020 revenues are significantly higher than the November's revenues which were nearly Rs 1,04,963 crore.
This is the highest growth in monthly revenues since the last 21 months. It said, 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.
