economy

Centre, states collect ₹1.29 trillion in GST revenue in December

Centre, states collect ₹1.29 trillion in GST revenue in December

New Delhi: Central and state governments collected over ₹1.29 trillion in Goods and Services Tax (GST) revenue in December, a tad below the ₹1.31 trillion collected in November but an improvement of 13% over what was collected in December 2020, showed data released by the finance ministry. GST revenue collection for December shows a 26% growth over the receipts in 2019, the ministry said. The ministry also said that December GST collection is close to ₹1.3 trillion despite a reduction of 17% in the number of e-way bills generated in the month of November compared to October. This is due to improved tax compliance and better tax administration by both central and state tax authorities, the ministry said. Tax for transactions in a month is collected in the subsequent month. The average monthly gross GST collection for the third quarter of the current year has been ₹1.3 trillion against the average monthly collection of ₹1.1 trillion and ₹1.15 trillion in the first and second quarters respectively. “Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST (receipts). The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure. It is expected that the positive trend in the revenues will continue in the last quarter as well, the ministry said. Of the total collection, Central GST is ₹22,578 crore, State GST is ₹28,658 crore and Integrated GST on inter-state transactions and imports is ₹69,155 crore. Cess collected is ₹9,389 crore, said the statement. Out of the total collection, after settlement, the Centre collected ₹48,146 crore while states collected ₹49,760 crore. Taxes collected on inter-state transactions are settled between the Centre and states on a regular basis. Download.

economy 2022-01-02 Livemint