Revenue from Goods and Services Tax (GST) stood at over Rs 1.04 lakh crore in November as against ₹1.05 lakh crore collected in the previous month, the Finance Ministry said in a statement. This is the second straight month in the current fiscal when GST revenue has topped ₹1 lakh crore.
The collection in November 2020 is 1.4 % higher than in November 2019 when the GST mop-up was ₹1,03,491 crore.
“In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4 % higher than the GST revenues in the same month last year.
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“During the month, revenues from import of goods were 4.9 % higher and the revenues from domestic transaction (including import of services) are 0.5 % higher than the revenues from these sources during the same month last year,” the ministry said in a statement.
The gross GST revenue collected in November 2020 is ₹1,04,963 crore, of which Central GST is ₹ 19,189 crore, State GST is ₹25,540 crore, IGST is ₹51,992 crore (including ₹22,078 crore collected on import of goods) and Cess is ₹8,242 crore (including ₹809 crore collected on import of goods), the Finance Ministry said.
GST revenue had topped ₹1 lakh crore in 8 out of 12 months of 2019-20. However, in the current fiscal, the revenue has taken a hit due to the lockdown and the consequent slowdown in the economy.
Revenue in April was ₹32,172 crore, May (₹ 62,151 crore), June (₹90,917 crore), July (₹87,422 crore), August (₹86,449 crore), September (₹95,480 crore), October (₹1,05,155 crore) and November (₹ 1,04,963 crore).