economy

GST collection in December declines marginally to ₹1.29 lakh crore

GST collection in December declines marginally to ₹1.29 lakh crore

The gross GST(Goods and Services Tax) revenue collected in December 2021 stood at ₹1,29,780 crore, which is slightly lower than the revenue collected in November. The gross GST collection in November stood at ₹1.31 lakh crore, which was the second highest ever since introduction of GST. “The GST collection in the month is close to ₹1.30 lakh crore despite reduction of 17% in the number of e-way bills generated in the month of November, 2021 (6.1 crore) as compared to the month of October, 2021 (7.4 crore) due to improved tax compliance and better tax administration by both central and state tax authorities, the finance ministry in a statement said. The revenues for December are 13% higher than collection in the same month last year and 26% higher than the GST revenues in December 2019. The ministry said the gross GST collection for the third quarter of the current year has been ₹1.30 lakh crore against the average monthly collection of ₹1.10 lakh crore and ₹1.15 lakh crore in the first and second quarters, respectively. Also read: Swiggy, Zomato, Uber to collect 5% GST beginning today Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure, said the ministry. It also said the positive trend in the revenues will continue in the last quarter as well. The total revenue of Centre and the states December 2021 after settlements is ₹48,146 crore for CGST (Central Goods and Services Tax) and ₹49,760 crore for the SGST (State Goods and Services Tax). Of the total GST collection, CGST amounts to ₹22,578 crore, while SGST stands at ₹28,658 crore and IGST at ₹69,155 crore (including ₹37,527 crore collected on import of goods) and cess at ₹9,389 crore. The ministry said the government also settled ₹25,568 crore to CGST and ₹21,102 crore to SGST from IGST as “regular settlement. During February, revenues from import of goods was 36% higher and the revenues from domestic transaction (including import of services) are 5% higher than the revenues from these sources during the same month last year, said the statement. Download.

economy 2022-01-02 Livemint