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GST collections in November cross ₹1.3 lakh crore, second highest ever

 

The gross GST revenue collected within the month of November 2021 was ₹1,31,526 crore, the second highest ever since introduction of GST, second only thereto in April 2021. For the second straight in November, gross GST collection crossed ₹1.30 lakh crore. The revenues for the month of November 2021 are 25% above the GST revenues in the same month last year and 27% over 2019-20.

Of the entire GST collections in November, CGST was ₹23,978 crore, SGST ₹31,127 crore, IGST is ₹66,815 crore (including ₹32,165 crore collected on import of goods) and cess is ₹9,606 crore (including ₹653 crore collected on import of goods).

“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 considerably in line with the trend in economic recovery,” the government said in a statement.

The government has settled ₹27,273 crore to CGST and ₹22,655 crore to SGST from IGST as regular settlement. the entire revenue of centre and also the States after regular settlements in the month of November 2021 is ₹ 51251 crore for CGST and ₹ 53,782 crore for the SGST. Centre has also released ₹ 17,000 crore to States/UTs towards GST compensation on 3rd November.

“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 enhance compliance. Central tax enforcement agencies, along side the State counterparts have detected large tax evasion cases, mainly cases relating to fake invoices, with the help of various IT tools developed by GSTN that use the return, invoice and e-way bill data to find suspicious taxpayers,” the govt. said.

“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,” it added.

Source: Mint

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