The Finance Ministry said in a statement that gross GST revenue stood at Rs 1,15,174 crore in December 2020, and is the highest for any month after the Goods and Services Tax (GST) was implemented.
Due to Corona epidemic, the economy of the country has started growing at a fast pace. GST collection increased to Rs 1 lakh 15 crore in December due to festive demand and the pace of the economy. The Finance Ministry said on Friday that GST collections touched an all-time high of Rs 1.15 lakh crore in December, reflecting festive demand and an improvement in the economy.
The Finance Ministry said in a statement that gross GST revenue stood at Rs 1,15,174 crore in December 2020, and is the highest for any month after the Goods and Services Tax (GST) was implemented. “This is the highest monthly revenue growth in the last 21 months,” the statement said. This was made possible due to the rapid economic recovery after the epidemic and the nationwide campaign against GST evasion and fake bills, and systemic changes. ”
A total of 87 lakh GSTR-3B returns were filed from November to 31 December. Revenue from imported goods grew by 27 percent in the month under review and revenue from domestic transactions (including import services) was up eight percent over the same period last year.
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In line with the recent trends in improvement in GST revenue, revenue collection crossed the Rs 1 lakh crore mark for the third consecutive month. Total revenue collection in December 2020 was 12 percent higher than in December 2019. The central GST collections in December stood at Rs 21,365 crore, state GST collections at Rs 27,804 crore, integrated GST at Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess at Rs 8,550 crore (including Rs 971 crore collected on imports).
