Second highest ever since introduction of GST, after April 2021
New Delhi, Dec. 1 (Delhi Crown): The gross GST revenue collected during the month of November stood at Rs 1,31,526 crore, of which CGST was Rs 23,978 crore, SGST Rs 31,127 crore, and IGST Rs 66,815 crore.
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 Centre Government settled Rs 27,273 crore to CGST and Rs 22,655 crore to SGST from IGST as regular settlement.
The total revenue of Centre and the states after regular settlements in the month of November was Rs 51,251 crore for CGST and Rs 53,782 crore for the SGST. Centre had also released Rs 17,000 crore to States/UTs towards GST compensation on Nov. 3.
According to an official statement, for the second straight month gross GST collection crossed Rs 1.30 lakh crore. The revenues for the month of November 2021 are 25% higher than the GST revenues in the same month last year and 27% over 2019-20.
During the month (Nov, 2021), revenues from import of goods was 43% higher and the revenues from domestic transaction (including import of services) are 20% higher than the revenues from these sources during the same month last year.
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, added the statement.