New Delhi: A six per cent increase was recorded in the goods and services tax (GST) collection in the month of November this year when compared to the same month last year. Also Read - System Generated 'Red Flags' in Online Forms Worrying GST Taxpayers
The rise in the GST collection was attributed to the high festive season demand which enabled the Indian government to collect GST to the tune of Rs 1.03 lakh crores as on November 2019. This recovery in the growth scale has come after a couple of negative months in terms of growth. Also Read - Salaries Cannot be Subject to GST, Says Central Board of Indirect Taxes and Customs
Notably, the GST collection on domestic transactions alone witnessed a new high of 12 per cent growth this year in the month of November, stated a report. On the other hand, the GST collection on imports once again witnessed a negative growth of (-)13 per cent. Also Read - Deadline For Submission of GSTR-9, GSTR-9C Extended, Return Forms Also Simplified | All You Need to Know
“The gross GST revenue collected in the month of November 2019 is Rs 1,03,492 crore of which CGST is Rs 19,592 crore, SGST is Rs 27,144 crore, IGST is Rs 49,028 crore (including Rs 20,948 crore collected on imports) and cess is Rs 7,727 crore (including Rs 869 crore collected on imports),” news agency IANS quoted an official Finance Ministry statement as saying.
The total number of GSTR 3B Returns, summary monthly returns, filed for the month of October up to November 30, 2019, was 77.83 lakh.
“The government has settled Rs 25,150 crore to CGST and Rs 17,431 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 November 2019 is Rs 44,742 crore for CGST and Rs 44,576 crore for the SGST,” the Finance Ministry said.
This is the eighth time since the roll-out of GST in July 2017 that monthly collection has crossed the mark of Rs 1 lakh crore. Also, November 2019 collection is the third-highest monthly collection since the introduction of GST, next only to April 2019 and March 2019 collections.
“Crossing Rs 1 trillion (Rs 1 lakh crore) in a festive month after a few months of tepid collections would act as sentiment-booster and help in keeping the fiscal deficit under control- hoping that this trend continues in the coming months,” said MS Mani, Partner, Deloitte India.
(With agency inputs)