In a major development, India witnessed a record high collection of Goods and Services Tax (GST) for the month of December 2020.
As per reports, GST revenue collected last month stood at an all-time high of ₹1,15,174 crores. At the same time, the figure is 12% higher than the tax collected in December 2019. Finance Ministry informed that this has been the highest gross revenue collected since the Goods and Services Tax came into force in July 2017. It is important to mention that GST revenues have clocked more than ₹1 lac consecutively from the last three months.
While the Central GST (also called CGST) stood at ₹21,365 crores, the State GST (also called CGST) collected in December stood at ₹27,804 crores. At the same time, a compensation cess of ₹8,579 crores was generated and an integrated GST of ₹57,426 crores (₹27,050 crores collected on imports) was received. Prior to this, GST revenue collection was highest in April 2019 when it had clocked nearly ₹1.14 crores.
https://twitter.com/FinMinIndia/status/1344915017313832963?ref_src=twsrc%5EtfwAs per reports, Cess worth ₹ 8,579 crores have been collected, with ₹971 crores from imports alone.
In a statement, the Finance Ministry stated, “In line with the recent trend of recovery in the GST revenues, the revenues for the month of December 2020 are 12 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 27 percent higher and the revenues from the domestic transaction were 8 per cent higher than the revenues from these sources during the same month last year.”