November GST collection stands at ₹1.04 lakh crore

November GST collection stands at ₹1.04 lakh crore
PIXABAY
New Delhi, Revenue from Goods and Services Tax (GST) stood at over ₹1.04 lakh crore in November as against ₹1.05 lakh crore collected in the previous month, the Finance Ministry said in a statement.

This is the second straight month in the current fiscal when GST revenue has topped ₹1 lakh crore.

The collection in November 2020 is 1.4 per cent higher than in November 2019 when the GST mop-up was ₹1,03,491 crore.

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"In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4 per cent higher than the GST revenues in the same month last year.

"During the month, revenues from import of goods were 4.9 per cent higher and the revenues from domestic transaction (including import of services) are 0.5 per cent higher than the revenues from these sources during the same month last year," the ministry said in a statement.

The gross GST revenue collected in November 2020 is ₹1,04,963 crore, of which Central GST is ₹19,189 crore, State GST is ₹25,540 crore, IGST is ₹51,992 crore (including ₹22,078 crore collected on import of goods) and Cess is ₹8,242 crore (including ₹809 crore collected on import of goods), the Finance Ministry said.

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GST revenue had topped ₹1 lakh crore in 8 out of 12 months of 2019-20. However, in the current fiscal, the revenue has taken a hit due to the lockdown and the consequent slowdown in the economy.

Revenue in April was ₹32,172 crore, May (₹62,151 crore), June (₹90,917 crore), July (₹87,422 crore), August (₹86,449 crore), September (₹95,480 crore), October (₹1,05,155 crore) and November (₹1,04,963 crore).

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