November month brings some good news for the economy. As per the report released by the Finance Ministry on Wednesday, the record GST collection was reported in November 2021, which is 25 percent higher than November 2019 and is the second-highest figure ever since the GST tax was imposed in July 2017. GST collection in November exceeded Rs 1.31 lakh crore. It is the fifth consecutive month where GST collection touched one lakh crore rupees figure.
The total GST collected reported in the month of November is Rs 1,31,526 crore, wherein CGST (Central Goods and Services Tax) is Rs 23,978 crore, SGST (State Goods and Services Tax) is Rs 31,127 crore, IGST (Integrated Goods and Services Tax) is Rs 66,815 crore and cess is 9,606, the ministry said in the report.
GST Collections Trend
The GST collection in November is the second-highest since the introduction of the GST regime, the ministry said. This figure is also more than last month’s collection. This shows that the economy is recovering after slowing down in the pandemic. There was Rs 1,30,127 crore GST collection in October 2021, while in April 2021, it was Rs 1,39,708 crore.
The improved GST collection is the result of various policy and administrative measures of government; imposed to improve compliance. In the last year; amid the pandemic, many essential steps have been taken by the government that brought good results in the recent months. GST regime was enforced on July 1, 2017.
However, ICRA’s Chief Economist Aditi Nair indicated that GST collection may fall in December as the daily average of e-way bill generation has fallen down in the first three weeks of November 2021. He stated, “We hope that the central GST collection would increase to Rs 5.8 lakh crore in the financial year 2021-22”.
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