New Delhi . The Indian economy, which was destroyed due to Corona virus, is growing rapidly. The GST collection in the country has crossed 1 lakh crore for the third consecutive month and now the GST tax collection has reached a record level. According to the data released by the Finance Ministry, the GST collection in December 2020 stood at Rs 1,15,174. The figure for Goods and Services Tax (GST) collection stood at Rs 1.05 lakh crore in October. Significantly, after February, there was a steady decline in GST collections. Business activities in the country were severely affected due to the lockdown. For the first time since February, the GST collections had crossed Rs 1 lakh crore in October, but now after three months, it has reached a record level, increasing in the months of November and December.
Finance Ministry said this on GST collection
– Gross GST revenue stood at Rs 1,15,174 crore in December 2020 and is the highest for any month after the Goods and Services Tax (GST) was implemented.
– ‘This is the highest monthly revenue growth in the last 21 months. The maximum GST collection so far was Rs 1,13,866 crore in April 2019.
A total of 87 lakh GSTR-3B returns were filed from November to 31 December.
– Total revenue collection in December 2020 was 12 percent higher than in December 2019.
– GST collection in December was Rs 21,365 crore, state GST collection was Rs 27,804 crore, integrated GST was Rs 57,426 crore and cess was Rs 8,550 crore.
Record collection after eight months
GST revenue stood at over Rs 1 lakh crore in 8 out of 12 months last year. However, GST revenue has been affected by the lockdown imposed due to Corona virus epidemic in the current financial year. Deloitte India Senior Director MS Mani said that the steady growth in GST collections will further boost the strength of the economy and business has resumed completely and demand for goods and services remains high. CII Director General Chandrajit Banerjee said that the increase in GST revenue shows that the industry is returning to normalcy. The country’s economy has gone through a period of crisis.
Collection was so much in this financial year
Month GST Collection in Crores
January 2020 110000 , February 2020 105366, March 2020 97,597
April 2020 32,294, May 2020 62,009, June 2020 90,917
July 2020 87,422, August 2020 86,449, September 2020 95,480
October 2020 1,05,155, November 2020 1,04,963, December 2020 1,15,174
Gross GST revenue collected in the month of December 2020 is Rs 1,15,174 crores of which CGST is Rs 21,365 crores, SGST is Rs 27,804 crores, IGST is Rs 57,426 crores and Cess is ₹Rs 8,579 crores (including ₹ 971 crores collected on import of goods): Ministry of Finance pic.twitter.com/NwxfDGFqzg
— ANI (@ANI) January 1, 2021