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GST revenue tops Rs 1 lakh crore-mark second time since April, November collection at Rs 1.04 lakh crore

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GST revenue tops Rs 1 lakh crore-mark second time since April

Revenue from Goods and Services Tax (GST) stood at over Rs 1.04 lakh crore in November as against Rs 1.05 lakh crore collected in the previous month, the Finance Ministry said in a 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.

“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. 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 said in a statement.

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), the Finance Ministry said.

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.

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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).

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