GST collections reached a record high of more than Rs 1.15 lakh crore in December, reflecting holiday demand and the revival of the economy. GST gross revenue collected in the month of December 2020 is Rs 1,15,174 crore and is the highest since the introduction of the goods and services tax as of July 1, 2017, the Ministry of Finance said in a statement.
“This is the highest growth in monthly income in the last 21 months. This has been due to the combined effect of the rapid post-pandemic economic recovery and the national campaign against GST evaders and false invoices, along with many changes. recently introduced systemics, which has led to better compliance, “the Finance Ministry said in a statement. The total number of GSTR-3B returns filed for the month of November through December 31, 2020 is 87 lakh.
During the month, income from imports of goods was 27 percent higher and income from internal transactions (including import of services) is 8 percent higher than income from these sources during the same month last year . In line with the recent recovery trend in GST revenues, the cleanup in December exceeded the rupee 1 lakh crore mark for the third consecutive month and was 12% higher than the over Rs 1.03 lakh crore collected in December 2019.
During December, the central GST clearance is Rs 21,365 million, the state GST is Rs 27,804 million, the integrated GST is Rs 57,426 million (including the Rs 27,050 million collected on importing goods) and Cess is 8,579 crore (including 971 crore collected on import) of goods). The government has set Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as regular settlement. The total revenue earned by the central government and state governments after regular settlement in December is Rs 44,641 crore for CGST and Rs 45,485 crore for SGST.
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