Goods and Services Tax (GST) collections jumped to pass 1.31 lakh crore in November, the second-highest since its implementation in July 2017, in line with the trend in economic recovery, the Ministry of Finance said on Wednesday.
“The gross GST revenue collected in the month of November 2021 is 1,31,526 crore of which CGST is 23.978 crore, SGST is 31.127 crore, IGST is 66,815 crore (inclusive 32,165 crore collected on imports of goods) and Cess is 9,606 crore (inclusive 653 crore collected on imports of goods), “the ministry said in a statement.
CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax) and IGST (Integrated Goods and Services Tax).
GST revenues for November 2021 are 25 percent higher than November 2020, and 27 percent higher over November 2019.
“The GST revenue for November 2021 is the second highest ever since the introduction of GST, second only to that in April 2021, which is related to revenue at the end of the year and higher than last month’s collection “, which also included the impact of returns required to be submitted quarterly. This is very much in line with the trend in economic recovery,” the ministry said.
In October 2021 were the revenues 1,30,127 crore, while in April 2021 it was the highest 1.41 lakh crore.
The recent trend of high GST revenues is a result of various policy and administrative measures taken in the past to improve compliance.
A large number of initiatives have been taken in the last year, such as improving system capacity, nudging non-filers to deadline returns, auto-populating returns, blocking e-way bills and passing input tax credit to non-filers. leads to consistent improvement in the submission of returns in the last few months, the ministry added.