GST revenue collection at an all-time high to Rs1.15 lakh cr in Dec 2020 since inception

The Finance Ministry has said that GST revenues during December 2020 have been the highest since the introduction of GST and it is the first time that it has crossed Rs1.15 lakh cr. The highest GST collection till now was Rs1,13,866cr in April 2019.

In December 2020, the ministry highlighted that the gross GST revenue collected is Rs1,15,174cr of which CGST is Rs21,365cr, SGST is Rs27,804cr, IGST is Rs57,426cr (including Rs27,050cr collected on import of goods) and Cess is Rs8,579cr (including Rs971cr collected on import of goods). The total number of GSTR-3B Returns filed for November up to 31st December 2020 is 87 lakhs.

Further, the ministry stated that the government has settled Rs23,276cr to CGST and Rs17,681cr to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in December 2020 is Rs44,641cr for CGST and Rs45,485cr for the SGST.

The ministry said in line with the recent trend of recovery in the GST revenues, the revenues for December 2020 are 12% higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 27% higher and the revenues from the domestic transaction (including import of services) are 8% higher than the revenues from these sources during the same month last year.