Of the total collection, the government obtained a CGST of Rs 19,189 crore, SGST of Rs 25,540 crore, IGST of Rs 51,992 crore and Cess of Rs 8,242 crore.
The government raised GST revenue of more than Rs 1 lakh crore per second consecutive month in November 2020. GST collections stood at Rs 1.05 million lakh in the month, according to the Ministry of Finance. At a time when the government is struggling with revenue collection, October and November have seen decent growth in GST collection, indicating recovery in the economy. From the total collection, the government obtained a CGST of Rs 19,189 crore, SGST of Rs 25,540 crore, IGST of Rs 51,992 crore and Cess of Rs 8,242 crore. The total number of GSTR-3B returns filed for the month of November stood at 82 lakhs.
In line with the recent recovery trend in GST revenues, November revenues are 1.4% higher than GST revenues for the same month last year. During the month, revenues from importing goods were 4.9 percent higher and revenues from internal transactions were 0.5 percent higher than revenues from these sources during the same month last year.
Also read: Energy demand grows at double digits in October; Green energy shoots up, thermal takes the lead
The government has settled Rs 22,293 crore to CGST and Rs 16,286 crore to SGST from IGST as a regular arrangement. Furthermore, the total revenue earned by central government and state governments after regular liquidation was Rs 41,482 million for CGST and Rs 41,826 million for SGST.
“Gross GST collections have again crossed the Rs 1 lakh crore barrier in the pandemic period, indicating that companies are back on the road to recovery,” said Rajat Mohan, Senior Partner at AMRG & Associates, at Financial Express Online. However, the improvement in tax collection compared to last year is 1.4%, which falls short of the 14% nominal revenue growth rate projected to states during the transition period, which it is not a good sign for the central government. Rajat Mohan added.
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