In the midst of the Corona crisis, good news has come for the government for the second consecutive month on the economic front. The collection of Goods and Services Tax (GST) has reached Rs 1,04,963 crore in November. This is the second-highest collection in this financial year.
Indeed, after the lockdown opens, the government’s efforts to revive the economy seem to be getting results. Earlier in October too, the GST collection was Rs 1,05,155 crore, which is the record so far for this financial year.
According to the data released by the government, in the month of November, the revenue of Rs 19,189 crore has been received from CGST, Rs 25,540 crore from SGST, and Rs 51,992 crore from IGST. In IGST, Rs 22,078 crore revenue has been received from the import of goods. Apart from this, Rs 8,242 crore has been received as cess. Cess on imported goods has generated revenue of Rs 809 crore.
The government has set 22,293 crore of CGST and 16,286 crore of SGST out of IGST as a regular settlement. After regular settlement, the central government has received Rs 41,482 crore, while the state governments have earned Rs 41,826 crore.
GST revenue has improved if compared to November of last year. There has been a growth of 1.4% in GST collection in the previous month as compared to November-2019. The GST collection stood at Rs 1,03,491 crore in November-2019. According to the data, 82 lakh GSTR-3B returns have been filed till 30 November.
