GST Collections Reach Record High of Rs 1.15 Lakh Crore in Dec

Gross GST revenue collected in December is Rs 1,15,174 crore, the highest since its implementation in July 2017.

The Goods and Services Tax (GST) collections for the month of December touched a record high of over Rs 1.15 lakh crore.

(Photo: Abhilash Mallick/The Quint)

The Goods and Services Tax (GST) collections for the month of December touched a record high of over Rs 1.15 lakh crore, the Ministry of Finance stated on 1 January.

The gross GST revenue collected in the month of December 2020 is Rs 1,15,174 crore, which is the highest since its implementation in July 2017.

“This is the highest growth in monthly revenues since last 21 months. This has been due to combined effect of the rapid economic recovery post pandemic and the nation-wide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance,” the Finance Ministry said in a statement.

Out of the total collections, Central GST is Rs 21,365 crore, State GST is Rs 27,804 crore, Integrated GST is Rs 57,426 crore and Cess is Rs 8,579 crore. 87 lakhs GSTR-3B returns were filed for the month of November up to 31 December 2020.

“This is the third month in a row in the current financial year after the economy has been showing signs or recovery post pandemic that the GST revenues have been more than Rs 1 lakh crore,” the statement further read.

The ministry also stated that “in line with the recent trend of recovery in the GST revenues,” the revenues for the month of December 2020 are 12 percent higher than last year and the revenues from import of goods was 27 percent higher.

The revenues from domestic transaction (including import of services) are also 8 percent higher than the revenues from these sources during the same month last year.

Since its introduction, this is the third time GST revenues have crossed Rs 1.1 lakh crore.