GST collection tops Rs1-lakh crore for a second straight month in December
02 Jan 2020
Revenue flows from Goods and Services Tax (GST) stood at Rs1,03,184 crore, surpassing the Rs1 lakh crore mark for a second consecutive month, in December, also pointing to a revival of economic activity after months of stagnation.
This consisted of CGST of Rs19,962 crore, SGST of Rs26,792 crore and IGST of Rs48,099 crore (including Rs1,295 crore collected on imports) and cess of Rs8,331crore (including Rs847 crore collected on imports).
The total number of GSTR 3B Returns filed for November, up to 31 December 2019, stood at 8.12 million.
GST revenues during December 2019 from domestic transactions grew 16 per cent over the revenue collected during December 2018.
“If we consider IGST collected from imports, the total revenue during December 2019 has increased by 9 per cent in comparison to the revenue during December 2018. During this month, the IGST on import of goods has seen a negative growth of (-) 10 per cent, but is an improvement over (-) 13 per cent last month and (-) 20 per cent in the month of October”, an official release said.
The centre also settled Rs21,814 crore to CGST account and Rs15,366 crore to SGST from IGST as regular settlement. The total revenue earned by the central and the state governments after regular settlement in December 2019 stood at Rs41,776 crore for CGST and Rs42,158 crore for the SGST.
In December 2018, the gross GST revenue collections stood at Rs94,725 crore.
State-wise, Maharashtra topped in GST collections with Rs16,530 crore, up 22 per cent over Rs13,524 crore in the same month in previous year. Large states that recorded robust growth include Gujarat, Uttar Pradesh, Haryana, Tamil Nadu and Karnataka.
The spike in GST mop-up comes on the back of robust collections by big states and points to the possibility that the economy may have bottomed out from the slowdown seen in recent months.
Gross GST collections have surpassed the Rs1 lakh crore mark in five out of the nine months of the current fiscal, ie, April, May, July, November and December.
The GST regime that was launched in July 2017 has been going through a rough patch of rate changes and non-compliance by some taxpayers and the system is yet to stabilise.