Goods and services tax (GST) revenue collected in December last year was over Rs 1.29 lakh crore, or 13% higher than the same month in 2020, the Finance Ministry said on Saturday.
December is the sixth continuous month where revenue collection from goods sold and services rendered stood at over Rs 1 lakh crore, but the collections were lower than the Rs 1.31 lakh crore mopped up in November.
The gross revenue collected in the month of December is Rs 1,29,780 crore, of which Rs 22,578 crore is CGST and Rs 28,658 crore is SGST.
Furthermore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods).
“Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure,” the ministry said.
The revenues in the same month last year were at Rs 1.15 lakh crore and were 26% higher than December 2019.
The average monthly gross GST collection for the third quarter (October-December) of the current year has been Rs 1.30 lakh crore against the average monthly collection of Rs 1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarter, respectively.
The ministry hopes that the positive trend in the revenues will continue in the last quarter as well.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Goods and services tax (GST) revenue collected in December last year was over Rs 1.29 lakh crore, or 13% higher than the same month in 2020, the Finance Ministry said on Saturday. December is the sixth continuous month where revenue collection from goods sold and services rendered stood at over Rs 1 lakh crore, but the collections were lower than the Rs 1.31 lakh crore mopped up in November. The gross revenue collected in the month of December is Rs 1,29,780 crore, of which Rs 22,578 crore is CGST and Rs 28,658 crore is SGST. Furthermore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods). “Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalisation measures undertaken by the Council to correct inverted duty structure,” the ministry said. The revenues in the same month last year were at Rs 1.15 lakh crore and were 26% higher than December 2019. The average monthly gross GST collection for the third quarter (October-December) of the current year has been Rs 1.30 lakh crore against the average monthly collection of Rs 1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarter, respectively. The ministry hopes that the positive trend in the revenues will continue in the last quarter as well. (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)Download The Economic Times News App to get Daily Market Updates & Live Business News.