Gross GST revenue collected in December 2020 increased to ₹1,15,174 crore, a monthly historical maximum since the implementation of the new tax regime, according to the Ministry of Finance. The December figures, which are 12% higher than GST’s revenue in the same month last year, are in line with the recent trend of recovery in GST’s revenue, the finance ministry added.
This is the third consecutive month in the current financial year that GST revenues have been more than ₹ 1 lakh crore. December 2020 revenue is significantly higher than last month’s revenue from ₹ 1,04,963 crore.
“GST’s revenue during December 2020 has been the highest since the introduction of GST and it is the first time it has crossed ₹ Rs 1.15 million lakh. The highest GST collection so far was ₹ 1,13,866 crore in the month of April 2019. Revenues for April normally tend to be high as they pertain to returns for March, which marks the end of the financial year, “the Finance Ministry said.
The Finance Ministry attributed the increase in GST collections to the “combined effect of the rapid post-pandemic economic recovery and the national campaign against GST evaders and false invoices together with many systemic changes introduced recently, which have led to a better compliance. “
The finance ministry said outside the ₹ GST revenue of 1,15,174 crore in December, CGST is ₹ 21,365 crore, SGST is ₹ 27,804 crore, IGST is ₹ 57,426 crore (including ₹ 27,050 million rupees collected on the import of goods) and the tax is ₹ 8,579 crore (including ₹ 971 million rupees collected on the import of goods). The total number of GSTR-3B returns filed for the month of November through December 31, 2020 is 87 lakh, the ministry said.
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