GST income reaches all-time excessive, breaks all previous information: Details

In a significant growth, India witnessed a document excessive assortment of Goods and Services Tax (GST) for the month of December 2020.
As per reviews, GST income collected final month stood at an all-time excessive of ₹1,15,174 crores. At the identical time, the determine is 12% larger than the tax collected in December 2019. Finance Ministry knowledgeable that this has been the very best gross income collected for the reason that Goods and Services Tax got here into drive in July 2017. It is necessary to say that GST revenues have clocked greater than ₹1 lac consecutively from the final three months.
While the Central GST (additionally known as CGST) stood at ₹21,365 crores, the State GST (additionally known as CGST) collected in December stood at ₹27,804 crores. At the identical time, a compensation cess of ₹8,579 crores was generated and an built-in GST of ₹57,426 crores (₹27,050 crores collected on imports) was obtained. Prior to this, GST income assortment was highest in April 2019 when it had clocked practically ₹1.14 crores.
✅GST Revenue assortment for December 2020 recorded all time excessive since implementation of GST✅The gross GST income collected within the month of December 2020 is ₹ 1,15,174 crore Read extra➡️ https://t.co/efdpXZaKx8#IndiaFightsCorona pic.twitter.com/wd6pGiweSi— Ministry of Finance (@FinMinIndia) January 1, 2021
In a press release, the Finance Ministry said, “In line with the recent trend of recovery in the GST revenues, the revenues for the month of December 2020 are 12 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 27 percent higher and the revenues from the domestic transaction were 8 per cent higher than the revenues from these sources during the same month last year.”