GST Revenue collection regains Rs 1 lakh Crore mark after a gap of 3 months

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By T. Moharana

New Delhi :  In a relief to the government, November GST revenue collection has regained Rs. 1 lakh Crore mark after a gap of 3 months.  In July the GST collection was Rs.1,02083 Crore, after that for consecutive 3 months, the collections were dipped below the Rs. 1 lakh mark.

“The gross GST revenue collected in the month of November 2019 is Rs 1,03,492 crore of which CGST is Rs 19,592crore, SGST is Rs 27,144crore, IGST is Rs 49,028crore (including Rs 20,948crore collected on imports) and Cess is Rs7,727 crore (including Rs 869 crore collected on imports). The total number of GSTR 3B Returns filed for the month of October up to 30th November 2019 is 77.83 lakh” said the data released by the Ministry of Finance.

On year on year basis, the November GST revenue collection was improved by 6%.

          “ The government has settled Rs 25,150crore to CGST and Rs 17,431crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of November 2019 is Rs 44,742 crore for CGST and Rs 44,576 crore for the SGST” it said.

During the month, the GST collection on domestic transactions witnessed a growth of 12%, highest during the year. The GST collection on imports continued to see negative growth at (-)13%, but was an improvement over last month’s growth of (-)20%.This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs one lakh crore. Also, November 2019 collection is the third highest monthly collection since the introduction of GST, next only to April 2019 and March 2019collections.

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