India GST rises 12 per cent to touch Rs 1.15 lakh crore

Hyderabad: Telangana recorded a four per cent increase in GST Collections for December 2020 to Rs 3,543 crore compared to Rs 3,420 crore during the corresponding period last year. The Gross GST revenue collected across India during December 2020 stood at Rs 1,15,174 crore, which is 12 per cent higher than the GST revenues in […]

Hyderabad: Telangana recorded a four per cent increase in GST Collections for December 2020 to Rs 3,543 crore compared to Rs 3,420 crore during the corresponding period last year.

The Gross GST revenue collected across India during December 2020 stood at Rs 1,15,174 crore, which is 12 per cent higher than the GST revenues in the same month last year. The December revenues are significantly higher than November’s Rs 1.04 lakh crore.

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The increase, which is attributed to rapid economic recovery post pandemic and the nation-wide drive against GST evaders and fake bills along with many systemic changes introduced recently, is the highest revenue earned since the introduction of GST and it is the first time that it has crossed Rs 1.15 lakh crore.

Of the total GST revenue of Rs 1.15 lakh crore collected in December 2020, the CGST component is about 21,365 crore and the SGST is Rs 27,804 crore and IGST Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess is Rs 8,579 crore (including Rs 971 crore collected on import of goods).

The total number of GSTR-3B Returns filed for the month of November up to 31 December 2020 is 87 lakhs.

The government has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of December 2020 is Rs 44,641 crore for CGST and Rs 45,485 crore for the SGST.

During December, import of goods was 27 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher over same month last year.

The highest GST collection till now was Rs 1,13,866 crore in April 2019. The revenues of April tend to be high since they pertain to the returns of March, which marks the end of financial year.

The average growth in GST revenues during the last quarter has been 7.3% as compared to (-)8.2% during the second quarter and (-) 41.0% during the first quarter of the financial year.

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