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GST Collection At Rs 1.03 Lakh Crore In November Says Finance Ministry
The GST collection was Rs 95,380 crore in October while it was Rs 97,637 crore in November 2018.
In October, the revenue from Goods and Services Tax had declined to Rs 95,380 crore.
New Delhi: GST or goods and services tax collection stood at Rs 1,03,492 crore in the month of November, the government reports on Sunday. This was the eighth time since the inception of GST in July 2017 that monthly collection had crossed the mark of Rs 1 lakh crore. Also, November 2019 collection was the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019 collections, the government data showed.
Here are things you need to know about GST collection:
1- Of gross Rs 1,03,492 crore in November, Central-GST (CGST) was Rs 19,592 crore, State-GST (SGST) was Rs 27,144 crore, Integrated-GST (IGST) was Rs 49,028 crore (including Rs 20,948 crore collected on imports) and cess was Rs 7,727 crore (including Rs 869 crore collected on imports).
2- The official statement said, "After two months of negative growth, GST revenues witnessed an impressive recovery with a positive growth of 6 per cent in November, 2019 over the November, 2018 collections."
3- During the month of November, the GST collection on domestic transactions witnessed a growth of 12 per cent, highest during the year.
4- Get collection on imports shrank 13 per cent, but marked an improvement over the previous month when it had contracted 20 per cent.
5- The total number of GSTR 3B Returns filed for the month of October up to November 30, 2019 was 77.83 lakh, it said.
6- The government had settled Rs 25,150 crore to CGST and Rs 17,431 crore to SGST from IGST as regular settlement.
7- The total revenue earned by central government and the state governments after regular settlement in the month of November, 2019 was Rs 44,742 crore for CGST and Rs 44,576 crore for the SGST.
8- In October, the revenue from Goods and Services Tax had declined to Rs 95,380 crore.
The Goods and Services Tax (GST) collection had declined to Rs 91,916 crore in September.
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