GST revenue in November crosses Rs1 lakh crore mark after 3 months
02 December 2019
Gross revenue collection from the Goods and Services Tax (GST) crossed the Rs1,00,000-crore mark in November 2019, after a gap of three months, with the revenue growing by 6 per cent to Rs1,03,492 crore for the month.
Total GST revenue of Rs1,03,492 crore collected in November 2019 included CGST amounting to Rs19,592 crore, SGST of Rs27,144 crore, IGST of Rs49,028 crore (including Rs20,948 crore collected on imports) and cess of Rs7,727 crore (including Rs869 crore collected on imports).
The total number of GSTR 3B returns filed for October (up to 30 November 2019) stood at 7.78 million.
The government has apportioned Rs25,150 crore to CGST and Rs17,431 crore to SGST from IGST as regular settlement. Total revenue earned by the central government and the state governments after regular settlement in November 2019 stood at Rs44,742 crore for CGST and Rs44,576 crore for SGST.
The recovery in GST collections comes after two months of negative growth. GST revenues witnessed a growth of 6 per cent year-on-year in November 2019. During the month, the GST collection on domestic transactions witnessed a growth of 12 per cent, which is the highest during the year. GST collection on imports, however, continued to see negative growth at (-) 13 per cent, but was an improvement over last month’s growth of (-) 20 per cent.
This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the Rs1,00,000 crore level. Also, November 2019 collection is the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019 collections.