Goods and Services Tax (GST) collections jumped to over Rs 1.31 lakh crore in November, the second highest since its implementation in July 2017, consistent with the development in financial restoration, the finance ministry mentioned on Wednesday.
“The gross GST revenue collected in the month of November 2021 is Rs 1,31,526 crore of which CGST is Rs 23,978 crore, SGST is Rs 31,127 crore, IGST is Rs 66,815 crore (including Rs 32,165 crore collected on import of goods) and Cess is Rs 9,606 crore (including Rs 653 crore collected on import of goods),” the ministry mentioned in a press release.
CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax) and IGST (Integrated Goods and Services Tax).
The GST revenues for the month of November 2021, are 25 per cent increased than November 2020, and 27 per cent increased over November 2019.
“The GST revenues for November 2021 have been the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month’s collection, which also included the impact of returns required to be filed quarterly. This is very much in line with the trend in economic recovery,” the ministry mentioned.
In October 2021, the revenues had been Rs 1,30,127 crore, whereas in April 2021, it was the very best at over Rs 1.41 lakh crore.
The current development of excessive GST revenues has been a results of numerous coverage and administrative measures which were taken up to now to enhance compliance.
A lot of initiatives undertaken within the final one yr like, enhancement of system capability, nudging non-filers after final date of submitting of returns, auto-population of returns, blocking of e-way payments and passing of enter tax credit score for non-filers has led to constant enchancment within the submitting of returns over the previous few months, the ministry added.
