Government Collects Second Highest GST Revenue Since Inception In November


The gross GST revenue collected in the month of November was Rs 1,31,526 crore.

The government collected Rs 1,31,526 crore in Goods and Services Tax (GST) revenue in November, marking its second highest monthly collection since implementing GST regime in the country, Finance Ministry said in a press release. GST revenue in November also marked second consecutive month of revenue collection above Rs 1.3 lakh crore.

The gross GST revenue collected in the month of November was Rs 1,31,526 crore of which Central GST was Rs 23,978 crore, State GST was Rs 31,127 crore, Integrated GST was Rs 66,815 crore and cess was Rs 9,606 crore, the ministry said.


“The GST revenues for November 2021 have been the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month’s collection, which also included the impact of returns required to be filed quarterly. This is very much in line with the trend in economic recovery,” Ministry of Finance said in a press release.

The recent trend of high GST revenues has been a result of various policy and administrative measures that have been taken in the past to improve compliance. Central tax enforcement agencies, along with the State counterparts have detected large tax evasion cases, mainly cases relating to fake invoices, with the help of various IT tools developed by GSTN that use the return, invoice and e-way bill data to find suspicious taxpayers, Finance ministry added.

The government has settled Rs 27,273 crore to CGST and Rs 22,655 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2021 is Rs 51,251 crore for CGST and Rs 53,782 crore for the SGST. Centre has also released Rs 17,000 crore to states and union territories towards GST compensation on November 3.

Source link