India’s November GST collection crosses Rs. 1.31 lakh cr

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New Delhi : India on Wednesday reported a gross GST revenue collection of 1.31 lakh crore in November 2021, which is  25% higher than the GST collection of  November 2020. This is for the second straight month gross GST collection has crossed ₹ 1.30 lakh crore. In October GST collection was Rs. 130,127 crore.

Out of the 1.31 crore gross GST collection, CGST is ₹ 23,978 crore, SGST is ₹ 31,127 crore, IGST is ₹ 66,815 crore (including ₹ 32,165 crore collected on import of goods) and Cess is ₹ 9,606 crore (including ₹ 653 crore collected on import of goods).

“The government has settled ₹ 27,273 crore to CGST and ₹ 22,655 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2021 is ₹ 51251 crore for CGST and ₹ 53,782 crore for the SGST. Centre has also released ₹ 17,000 crore to States/UTs towards GST compensation on 3rd November” said a Finance Ministry release.

“During the month, revenues from import of goods was 43% higher and the revenues from domestic transaction (including import of services) are 20% higher than the revenues from these sources during the same month last year” it added.

The GST revenues for November 2021 have been the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month’s collection, which also included the impact of returns required to be filed quarterly. This is very much in line with the trend in economic recovery.

 

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