GST revenue grows 6pc to cross Rs 1 lakh crore in November
GST collections crossed the Rs 1 lakh crore mark after a gap of three months in November, growing by 6 percent to Rs 1.03 lakh crore aided by festival demand.
The GST collection stood at Rs 97,637 crore in the same month last year while revenue collection under this head was Rs 95,380 crore in October.
After two months of negative growth, GST revenues witnessed an impressive recovery with a positive growth of 6 percent in November 2019 over November 2018 collections, an official statement said.
According to sources, the number reflects pickup in consumption and improvement in compliance as well. Non-intrusive means of tax collection have helped improved compliance, sources said.
During the month, GST collection on domestic transactions witnessed a growth of 12 percent, the highest during the year, it, said.
“Of gross Rs 1,03,492 crore in November, CGST is Rs 19,592 crore, SGST is Rs 27,144 crore, IGST is Rs 49,028 crore (including Rs 20,948 crore collected on imports) and Cess is Rs 7,727 crore (including Rs 869 crore collected on imports),” it said.
The statement further said the November 2019 collection is the third highest monthly collection since the introduction of GST, next only to April 2019 and March 2019 collections.
This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs 1 lakh crore. After July this year, when GST collection was Rs 1,02,083 crore, it crossed Rs 1 lakh crore in November.
The GST collection on imports continued to see negative growth at (-)13 per cent, but was an improvement over last month's growth of (-)20 per cent, the statement said.
The total number of GSTR 3B returns filed for the month of October up to November 30, 2019 is 77.83 lakh, it said. The government has settled Rs 25,150 crore to CGST and Rs 17,431 crore to SGST from IGST as regular settlement, it added.
The total revenue earned by the central government and state governments after regular settlement in the month of November is Rs 44,742 crore for CGST and Rs 44,576 crore for SGST.
Commenting on the latest GST number, MS Mani, Partner, Deloitte India, said crossing Rs 1 lakh crore in a festive month after few months of tepid collections would act as a sentiment booster. It would help in keeping the fiscal deficit under control, hoping that this trend continues in the coming months.
(Edited by Teja Lele Desai)