GST collections for the month of November have remained almost unchanged month over month and increased 1.4% on an annual basis to ₹Rs 1,04,963 lakhs, the government said on Tuesday. The collections reached ₹1,03,491 lakh crore in November 2019 and ₹1,05,155 lakh crore in October 2020.
“The gross GST revenue collected in the month of November 2020 is ₹ 1,04,963 crore of which CGST is ₹ 19,189 crore, SGST is ₹ 25,540 crore, IGST is ₹ 51,992 crore (including ₹ Rs 22,078 million collected on importing goods) and the tax is ₹ 8,242 crore (including ₹ Rs 809 crore collected on import of goods), “the Finance Ministry said. The total number of GSTR-3B returns filed for the month of November to November 30, 2020 is 82 lakh.
The government has settled ₹ 22,293 crore to CGST and ₹ 16,286 crore to SGST from IGST as regular settlement. The total revenue earned by central government and state governments after regular settlement in the month of November 2020 is ₹ 41,482 crore for CGST and ₹ 41,826 crore for SGST.
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In line with the recent recovery trend in GST revenue, the revenue for the month of November 2020 is 1.4% higher than the GST revenue for the same month of the previous year. During the month, income from imports of goods was 4.9% higher and income from internal transactions (including import of services) was 0.5% higher than income from these sources during the same month of the previous year.
The chart below shows trends in GST’s monthly gross income for the current year. The table shows the state GST figures collected in each state for the month of November 2020 compared to November 2019.
GST revenues had exceeded ₹1 lakh crore in 8 of the 12 months of 2019-20. However, in the current fiscal year, revenues have been affected by the lockdown and the consequent slowdown in the economy.
Revenues in April were ₹32,172 crore, May ( ₹62,151 crore), June ( ₹90,917 crore), July ( ₹87,422 crore), August ( ₹86,449 crore), September ( ₹95,480 crore), October ( ₹1,05,155 crore) and November ( ₹1,04,963 crore).
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