GST revenues grow 6 pcs to cross Rs 1 lk cr in November
New Delhi, December 1 () GST collections crossed the Rs 1 lakh crore mark after a three-month gap in November, growing 6 percent to Rs 1.03 lakh crore aided by the festival's demand.
The collection of GST was Rs 97,637 million rupees in the same month last year, while the revenue collection under this heading was Rs 95,380 crore in October.
After two months of negative growth, GST revenues witnessed an impressive recovery with a positive growth of 6 percent in November 2019 over the November 2018 collections, an official statement said.
According to official sources, the number reflects the recovery of consumption and the improvement of compliance as well.
Non-intrusive means of tax collection have helped improve compliance, sources said.
During the month, the collection of GST in national transactions witnessed a growth of 12 percent, the highest during the year, he said.
Of Rs 1,03,492 rupees in November, CGST is 19,592 million rupees, SGST is 27,144 million rupees, IGST is 49,028 million rupees (including 20,948 million rupees collected in imports) and Cess is Rs.7,727 million (including Rs 869 million collected in imports), he said.
The statement also said that the November 2019 collection is the third highest monthly collection since the introduction of GST, only after the April 2019 and March 2019 collections.
This is the eighth time since the start of GST in July 2017 that the monthly collection has crossed the mark of Rs 1 lakh crore.
After July this year, when the GST collection was Rs 1,02,083 rupees, it crossed Rs 1 lakh crore in November.
GST's collection of imports continued to experience a negative growth of (-) 13 percent, but was an improvement over last month's growth of (-) 20 percent, according to the statement.
The total number of GSTR 3B returns submitted for the month of October through November 30, 2019 is 77.83 lakh, he said.
The government has liquidated Rs 25,150 million rupees to CGST and Rs 17,431 million rupees to SGST from IGST as a regular settlement, he added.
The total revenue earned by the central government and state governments after the regular settlement in November is Rs 44,742 million for CGST and Rs 44,576 million for SGST.
Commenting on the latest issue of GST, M S Mani, partner, Deloitte India, said that crossing Rs 1 lakh crore on a holiday month after a few months of warm collections would act as a reinforcement of feelings. It will help keep the fiscal deficit under control, with the hope that this trend will continue in the coming months. DP RR MR MR