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Source: Nanfang Daily Online Edition     time: 2022-05-29 00:24:14

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  GST mop up in November at Rs 1.31 lakh crore, second highest since rollout

GST, mop up, gst mop up in November, gst second highest since rollout, latest business news updates,
Image Source : PTI/ REPRESENTATIONAL (FILE).

GST mop up in Nov at Rs 1.31 lakh crore, second highest since rollout. 

Highlights

  • Gross GST revenue collected in the month of November 2021 is Rs 1,31,526 crore
  • CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax)
  • GST revenues for month of Nov 2021, are 25 pc higher than Nov 2020, and 27 pc higher over Nov 2019

Goods and Services Tax (GST) collections jumped to over Rs 1.31 lakh crore in November, the second highest since its implementation in July 2017, in line with the trend in economic recovery, the finance ministry said on Wednesday.

"The gross GST revenue collected in the month of November 2021 is Rs 1,31,526 crore of which CGST is Rs 23,978 crore, SGST is Rs 31,127 crore, IGST is Rs 66,815 crore (including Rs 32,165 crore collected on import of goods) and Cess is Rs 9,606 crore (including Rs 653 crore collected on import of goods)," the ministry said in a statement.

CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax) and IGST (Integrated Goods and Services Tax).

The GST revenues for the month of November 2021, are 25 per cent higher than November 2020, and 27 per cent higher over November 2019.

"The GST revenues for November 2021 have been the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month's collection, which also included the impact of returns required to be filed quarterly. This is very much in line with the trend in economic recovery," the ministry said.

In October 2021, the revenues were Rs 1,30,127 crore, while in April 2021, it was the highest at over Rs 1.41 lakh crore.

The recent trend of high GST revenues has been a result of various policy and administrative measures that have been taken in the past to improve compliance.

A large number of initiatives undertaken in the last one year like, enhancement of system capacity, nudging non-filers after last date of filing of returns, auto-population of returns, blocking of e-way bills and passing of input tax credit for non-filers has led to consistent improvement in the filing of returns over the last few months, the ministry added.

Also Read: Centre must release GST compensation for states to reduce VAT on fuel, says Sharad Pawar

Also Read: GST collection surges to Rs 1.3L Cr in October, second highest figure for any month so far

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