GST collection crossed 1 lakh crore for the second month straight - TNBC USA

GST collections surpassed Rs one trillion for the second month straight in November. The mop up was Rs 192 crore less at Rs 1.049 trillion in November compared to Rs 1.051 trillion in October.

This is the straight third month when the collections rose year-on-year. November collections were 1.42 percent higher than the same month of the previous year. That way, the yearly growth came down from 10.25 percent in October and 3.87 percent in September.

“The gross GST revenue collected in the month of November 2020 is ₹ 1,04,963 crore of which CGST is ₹ 19,189 crore, SGST is ₹ 25,540 crore, IGST is ₹ 51,992 crore (including ₹ 22,078 crores collected on import of goods) and cess is ₹ 8,242 crore (including ₹ 809 crores collected on import of goods),” said Ministry of Finance. The total number of GSTR-3B Returns filed for the month of November up to 30th November 2020 is 82 lakh.

The government has settled ₹ 22,293 crores to CGST and ₹ 16,286 crores to SGST from IGST as a regular settlement. The total revenue earned by the Central Government and the state governments after regular settlement in the month of November 2020 is ₹ 41,482 crores for CGST and ₹ 41,826 crores for the SGST.

Collections are mostly for transactions done in October, representing the impact of the festival season.

Related Articles