GST Collection Surge Past Rs 1 Lakh Cr Mark For Second Straight Month In Nov; Economic Recovery Expected

This is the second straight month in the current fiscal when Goods and Services Tax (GST) revenue has topped Rs 1 lakh crore.

(Representative Image/ Getty)

New Delhi: Amid the ongoing economic crisis faced by the country due to Coronavirus outbreak, the revenue from Goods and Services Tax (GST) for the month of November stood at over Rs 1.04 lakh crore against Rs 1.05 lakh crore collected in the previous month, the Finance Ministry said in its official statement. As per the statement, this is the second straight month in the current fiscal when GST revenue has topped Rs 1 lakh crore. The collection in November 2020 is 1.4 per cent higher than in November 2019 when the GST mop-up was Rs 1,03,491 crore.

₹1,04,963 crore of gross #GST revenue collected in the month of November, 2020 Read: https://t.co/5gOmL5hUrJ pic.twitter.com/qszRZQqjac

— PIB India (@PIB_India) December 1, 2020

At a time when the government is reeling under severe shortage of revenue, GST collections in the months of October and November comes as a sign of relief signalling decent recovery in the economy. "In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4 per cent higher than the GST revenues in the same month last year, the Finance Ministry said.

In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4% higher than the GST revenues in the same month last year. (2/2)

— Ministry of Finance (@FinMinIndia) December 1, 2020

"During the month, revenues from import of goods were 4.9 per cent higher and the revenues from domestic transaction (including import of services) are 0.5 per cent higher than the revenues from these sources during the same month last year," the ministry statement added. It also mentioned that the gross GST revenue collected in November 2020 is Rs 1,04,963 crore, of which Central GST is Rs 19,189 crore, State GST is Rs 25,540 crore, IGST is Rs 51,992 crore (including Rs 22,078 crore collected on import of goods) and Cess is Rs 8,242 crore (including Rs 809 crore collected on import of goods). GST revenue had topped Rs 1 lakh crore in 8 out of 12 months of 2019-20. However, in the current fiscal, the revenue has taken a hit due to the lockdown and the consequent slowdown in the economy. Revenue in April was Rs 32,172 crore, May (Rs 62,151 crore), June (Rs 90,917 crore), July (Rs 87,422 crore), August (Rs 86,449 crore), September (Rs 95,480 crore), October (Rs 1,05,155 crore) and November (Rs 1,04,963 crore).