GST Collection in November Crosses ₹ 1 lakh Crore

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

Helped by government stimulus measures, the Goods and Services Tax (GST) collection in November crossed Rs 1 lakh crore, after dropping below the Rs 1 lakh crore level for three consecutive months amid a deceleration of economic growth.

November’s GST collection stood at Rs 1,03,492 crore, of which CGST was Rs 19,592 crore, SGST Rs 27,144 crore, IGST collections stood at Rs 49,028 crore (including Rs 20,948 crore collected on imports) and Cess was recorded at Rs 7,727 crore (including Rs 869 crore collected on imports), according to a Finance Ministry statement.

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

Gross GST revenue collected in October was Rs 95,380 crore, a 5.3% decline y-o-y. September collection was Rs 91,916 crore, the lowest since February 2018. The tax collection in August was Rs 98,202 crore.

GST collections dipped below Rs.1 lakh crore in August, September and October in the face of a growth deceleration as consumers held back on spending and private investment was tepid. The economy grew 4.5% percent in the quarter ended September, the sixth consecutive quarterly decline.

The total number of GSTR 3B Returns, summary monthly returns, filed for the month of October up to 30th November, 2019 was 77.83 lakh.

This is the eighth time since the roll-out 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.

Source: ET

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