Ali Hasan
The recent GST collections in India have been the highest so far. With a total of Rs 1.15 lakh crores in December 2020, GST collections touched the highest since its implementation of the taxation system in July 2017.
This collection shows that the economy might be recovering and we can expect a better 2021 after a year full of chaos and troubles. This is the 3rd straight month where GST collections have crossed the Rs 1 lakh crore threshold.
The gross goods and services tax (GST) revenue collected in the month of December 2020 was as follows:-
- ₹ 1,15,174 crore of which,
- CGST was ₹ 21,365 crore,
- SGST was ₹ 27,804 crore,
- IGST was ₹ 57,426 crore (including ₹ 27,050 crore collected on import of goods) and cess was ₹ 8,579 crore (including ₹ 971 crore collected on goods imports).
The total number of GSTR-3B Returns filed for November up to December 31, 2020, was 87 lakhs. The government settled ₹ 23,276 crore to CGST and ₹ 17,681 crore to SGST from IGST as regular settlement.
The total revenue earned by the Union government and the state governments after regular settlement in the month of December 2020 was ₹ 44,641 crore for CGST and ₹ 45,485 crore for the SGST.
In line with the recent trend of recovery in the GST revenues, the revenues for December 2020 were 12% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 27% higher and the revenues from domestic transaction (including import of services) were 8% higher that the revenues from these sources during the same month last year.
The highest GST collection to date was ₹ 1,13,866 crores in April 2019. The revenues of April normally tend to be high since they pertain to the returns of March, which marks the end of financial year.
We hope that India recovers fast and makes a quick comeback as a true Superpower as it was projected to be before the pandemic arrived.
