: November’s GST collection rises to over Rs 1.31 lakh cr #finance #StockMarketNEWS #Business Second highest since its implementation, indicating economic recovery New Delhi: Goods and Services

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November’s GST collection rises to over Rs 1.31 lakh cr #finance #StockMarketNEWS #Business
Second highest since its implementation, indicating economic recovery

New Delhi: Goods and Services Tax (GST) collection in November grew 25 per cent to Rs 1. 31 lakh crore second highest since its implementation indicating economic recovery with normalisation of business activity and increased compliance, a finance ministry statement said on Wednesday.

This is the fifth month in a row that the revenues from goods sold and services rendered was over Rs 1 lakh crore.

“The gross GST revenue collected in the month of November 2021 is Rs 1,31,526 crore of which CGST is Rs 23,978 crore, SGST is Rs 31,127 crore, IGST is Rs 66,815 crore (including Rs 32,165 crore collected on import of goods) and Cess is Rs 9,606 crore (including Rs 653 crore collected on import of goods),�? the statement said.

CGST refers to Central Goods and Services Tax, SGST (State Goods and Services Tax) and IGST (Integrated Goods and Services Tax).

The revenues for the month of November 2021, are 25 per cent higher than close to Rs 1. 05 lakh crore Goods and Services Tax (GST) revenue in November 2020, and 27 per cent higher over November 2019 revenues.

“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,�? the ministry said.

In October 2021, the revenues were at Rs 1,30,127 crore, while in April 2021 it was the highest at Rs 1,39,708 crore.

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. GST, which subsumed a host of indirect taxes like excise duty, service tax, VAT, was rolled out on July 1, 2017.

A large number of initiatives undertaken in the last one year like, enhancement of system capacity, nudging non-filers after last date of filing of returns, auto-population of returns, blocking of e-way bills and passing of input tax credit for non-filers has led to consistent improvement in the filing of returns over the last few months, the ministry added.

ICRA Chief Economist Aditi Nayar said collections may dip in December 2021, as suggested by the deceleration in the daily average e-way bill generation in the first three weeks of November 2021.

“We expect Central GST collections to rise to Rs 5. 8 trillion in FY2022, exceeding the FY2022 BE by Rs 50,000 crore,�? Nayar added.

The finance ministry on Wednesday revised downwards the GST collection figures for April, May and June.