Goods and Service tax collection (GST) gave a rise of 6% to Rs 1.03 lakh crore in November whereas, the collections were Rs 97,637 crore in November last year and Rs 95,380 crore in October this year.
Since the rollout of GST in July 2017, this is the eighth time that monthly collection has crossed the collection of Rs one lakh crore. Also, November 2019, marking as Rs. 1.03 lakh crore collection is the third-highest monthly collection since the introduction of GST. Earlier, In April this year, the GST collection was recorded Rs 1.13 lakh crore and in March, it was Rs 1.06 lakh crore.
GST November collection and return statistics:
- CGST recorded at Rs 19,592 crore,
- SGST was Rs 27,144 crore,
- IGST was Rs 49,028 crore (including Rs 20,948 crore collected on imports) and Cess was recorded Rs 7,727 crore (including Rs 869 crore collected on imports).
- The total number of GSTR 3B Returns filed for the month of October up to 30th November, 2019 was 77.83 lakh.
Such a good collection is good news for the government which is facing a serious revenue shortfall. Moreover, the festive season of November made a huge positive impact especially around Diwali (October 30).
Considering the last year, GST collections had fallen 2.7% in September and 5.3% in October from the corresponding months in 2018.
Government officials said these increase in revenue collections is an indication of economic revival, recovery in demand and measures to ease compliance.
The government also said in a statement “After two months of negative growth, GST revenues witnessed an impressive recovery… During the month, the GST collection on domestic transactions witnessed a growth of 12%, highest during the year.,”