GST collection crosses 1 lakh crore in November

 GST collection crosses 1 lakh crore in November

GST collections have crossed Rs 1 lakh crore for the second consecutive month in November.

Rs 1,04,963 crore of gross GST Revenue collected in the month of November 2020.

The total number of GSTR-3B Returns filed for the month of November up to 30th November 2020 is 82 lakhs
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— Ministry of Finance (@FinMinIndia) December 1, 2020

This is the second consecutive month in the current financial year while the GST collection has been more than Rs 1 lakh crore. GST collection in November is 1.4 percent higher than the same month in the previous year. The government's Goods and Services Tax (GST) collection stood at Rs 1.04 lakh crore in November. This is the third consecutive month when GST collections have increased compared to the same period in the previous financial year.

The Finance Ministry gave this information in a statement on Tuesday. However, GST revenue figures are down marginally compared to October. It stood at Rs 1.05 lakh crore in October. This is the second consecutive month in the current financial year while the GST collections have been more than Rs 1 lakh crore. GST collection in November is 1.4 percent higher than the same month in the previous year. The GST collection stood at Rs 1,03,491 crore in November 2019.

The GST collection data shows the state of economic activity. The GST collection hit a record low of Rs 32,172 crore in April due to a lockdown imposed to prevent the spread of corona virus. GST collections are on the rise after the lockdown was relaxed. For the first time in September in the current financial year, GST collection was increased on an annual basis. In October, the GST collection crossed the psychological level of Rs 1 lakh crore. The Finance Ministry said, "In line with the recent trend of improvement in GST revenue, the collection figures in November were 1.4 percent higher than the same month last year." 4.9 percent higher than the same month of the year. On the other hand, revenue from domestic transactions was up 0.5 percent from the same month last year. The total GST revenue in November 2020 has been Rs 1,04,963 crore. Of this, the central GST is Rs 19,189 crore, the state GST is Rs 25,540 crore and the integrated GST is Rs 51,992 crore (out of which Rs 22,078 crore is raised on import of goods). Cess contribution of Rs 8,242 crore(Including Rs 809 crore raised on import of goods).

Sources in the finance ministry said last week that GST officials have identified 25,000 taxpayers who filed GST returns in October, but have not filed returns in November. A total of 80 lakh GST returns were filed till 28 November. As per GST rules, GSTR-3B returns are required to be submitted by October 20, 22 and 24 for supplies made in October. Units with a turnover of more than five crore rupees annually have to submit GSTR-3B return by the 20th of the month. In the last financial year 2019-20, GST revenue was more than one lakh crore rupees in eight of the 12 months. However, GST revenue has been affected by the lockdown imposed due to Corona virus epidemic in the current financial year. The GST collection in April was just Rs 32,172 crore in the current financial year. The GST collection was Rs 62,151 crore in May, Rs 90,917 crore in June, Rs 87,422 crore in July, Rs 86,449 crore in August, Rs 95,480 crore in September and Rs 1,05,155 crore in October.