GST collections touched a record high of over ₹1.15 lakh crore in December, reflecting festive demand and reflating economy.
The gross GST revenue collected in the month of December 2020 is ₹1,15,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the Finance Ministry said in a statement.
“This is the highest growth in monthly revenues for the last 21 months. This has been due to combined effect of the rapid economic recovery post-pandemic and the nation-wide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance,” the Finance Ministry said in a statement.
The total number of GSTR-3B Returns filed for the month of November up to December 31, 2020 is ₹87 lakh.
During the month, revenues from import of goods were 27% higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during the same month last year.
In line with the recent trend of recovery in the GST revenues, the mop-up in December crossed ₹1 lakh crore mark for the third month in a row and was 12% higher than over ₹1.03 lakh crore collected in December 2019.
During December Central GST mop-up is ₹21,365 crore, State GST is ₹27,804 crore, Integrated GST is ₹57,426 crore (including Rs 27,050 crore collected on import of goods) and Cess is ₹8,579 crore (including ₹971 crore collected on import of goods).
The government has settled ₹23,276 crore to CGST and ₹17,681 crore to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of December is ₹44,641 crore for CGST and ₹45,485 crore for the SGST.