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GST revenue in December crossed 1.15 lakh; Highest since GST implementation

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GST revenue in December crossed 1.15 lakh; Highest since GST implementation
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According to a statement by the Finance Ministry, December 2020 witnessed 12 per cent more GST revenues than the same month last year and collected a total of 115,174 crore rupees; the highest since the implementation of Goods and Service Tax (GST) in the country.

A total of 87 lakhs GSTR-3B returns were filed from November till December 31st.

The revenue from imports goods was 27 per cent higher and revenues from domestic transaction 8 per cent higher than the revenues from these sources during December last year. "This is the highest growth in monthly revenues achieved in the last 21 months," the statement adds.

For the last three months in a row, the economy has been observed to show signs of recovery in terms of digits of GST returns. Revenues crossed 1.1 lakh crores in this period. In the last quarter of 2020, the average growth in GST revenue was 7.3 per cent against -8.2 per cent in the third quarter.

Out of the total collection for December 2020, 21365 crores accounted from CGST. IGST amounted to 57,426 crores.

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