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India’s GST Revenue Crosses Rs 1 Lakh Crore Again – 8th Time Since Inception

This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs 1 lakh crore.

Also, November 2019 collection is the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019 collections.

India’s GST Revenue Crosses Rs 1 Lakh Crore Again – 8th Time Since Inception  India’s GST Revenue Crosses Rs 1 Lakh Crore Again – 8th Time Since Inception 1 e1575277467133
India’s GST Revenue Crosses Rs 1 Lakh Crore Again – 8th Time Since Inception

According to Ministry of Finance’s statement, the India’s Gross GST ( Goods and Services Tax) revenue collected in the month of November, 2019 is Rs 1,03,492 crore of which  Central GST (CGST) is Rs 19,592crore, Central Government and State GST (SGST) is Rs 27,144crore, Integrated GST (IGST) is Rs 49,028crore (including Rs 20,948crore collected on imports) and Cess is Rs7,727 crore (including Rs 869 crore collected on imports).

The total number of GSTR 3B Returns filed for the month of October up to 30th November, 2019 is 77.83 lakh, the ministry said on December 1 in a statement.

The government has settled Rs 25,150crore to CGST and Rs 17,431crore to SGST from IGST as regular settlement.

The total revenue earned by Central Government and the State Governments after regular settlement in the month of November, 2019 is Rs 44,742 crore for CGST and Rs 44,576 crore for the SGST.

Despite negative growth, GST revenue witnesses an impressive recovery.

After two months of negative growth, GST revenues witnessed an impressive recovery with a positive growth of 6% in November, 2019 over the November, 2018 collections, the ministry said.

During the month, the GST collection on domestic transactions witnessed a growth of 12%, highest during the year.

The GST collection on imports continued to see negative growth at (-)13%, but was an improvement over last month’s growth of (-)20%.

This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs one lakh crore.

Also, November 2019 collection is the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019collections.