GST Collections Hit All-Time High Of Close To Rs 1.20 Lakh Crore For DecemberJanuary 31, 2021
The government’s Goods and Services Tax collection surged to an all-time high for December as economic activity held strong even after the festive season
GST revenue for December 2020, collected in January 2021, was close to Rs 1.20 lakh crore, according to a statement from the Ministry of Finance. That was 4% higher than the previous month and an 8% increase over the same month a year ago.
“GST revenues above Rs 1 lakh crore for a stretch of last four months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic,” the finance ministry said in a statement.
It said that closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income-tax and customs IT systems and effective tax administration also contributed to the steady increase in tax revenue over the past few months.
“The average yearly growth in GST revenue over the first four months in the second half of the financial year has been 8% as compared to -24% during the first half of the year,” according to the finance ministry.
Breakup of GST collections for December:
- Central GST: Rs 21,923 crore
- State GST: Rs 29,014 crore
- Integrated GST: Rs 60,288 crore (including Rs 27,424 crore collected on import of goods)
- Compensation cess: Rs 8,622 crore (including Rs 883 crore collected on import of goods)
Total monthly GSTR-3B returns filed for December, as on 31 January 2021, were 90 lakh, the statement said.