Source: The Hindu BusineLine
After two months of decline, Goods and Services Tax (GST) collection crossed the ₹1 Lakh Crore mark in November with the revenue growing by 6% to ₹1.03 trillion in the month. An official statement released by Ministry of Finance said out of gross GST revenue collection of ₹1,03,492 Crore in the month of November 2019, CGST is ₹19,592 Crore, SGST is ₹27,144 Crore, IGST is ₹49,028 Crore₹20,948 Crore collected on imports), and Cess is ₹7,727 Crore (including ₹869 Crore collected on imports).
The statement added that after two months of negative growth, the GST revenue witnessed an impressive recovery with a growth of 6% over the November 2018 collections. Since the implementation of GST in July 2017, this is the eighth time that the monthly collection has crossed the mark of ₹1 Lakh Crore. Furthermore, the GST collection in November 2019 is the third-highest monthly collection in this new indirect tax regime, next only to March 2019 and April 2019 collections.
The GST collections were ₹97,637 Crore in November last year and ₹95,380 Crore in October this year. Festive demands and anti-evasion measures taken the government such as restricting the utilization of tax credits where the seller has not uploaded the invoice details has contributed to the increase in collections.
As part of the regular settlement, the government has settled ₹25,150 Crore; to CGST and ₹17,431 Crore; to SGST from IGST. After the settlement, the total revenue earned by the Central government and the State governments in the month of November 2019 is ₹44,742 Crore for CGST and ₹44,576 Crore for the SGST. “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 of 13%, but was an improvement over last month’s negative growth of 20%,” said the statement.
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