Economy National

November GST revenue crosses ₹1 lakh crore again

Goods and Services Tax revenue in November came in at ₹1,03,492 crore, crossing the ₹1 lakh crore-mark once again after having dipped below it for three successive months.

Average collections in financial year 2019-20 so far stand at ₹1,00,646 crore. The collections in November 2019 are the third-highest monthly collections since the introduction of GST, next only to April 2019 and March 2019 collections.

“The gross GST revenue collected in the month of November 2019 is ₹1,03,492 crore, of which CGST is ₹19,592 crore, SGST is ₹27,144 crore, IGST is ₹49,028 crore and cess is ₹7,727 crore,” the government said in a release.

“After two months of negative growth, GST revenues witnessed an impressive recovery with a positive growth of 6% in November 2019 over the November 2018 collections,” the release added.

According to the government, GST collections on domestic transactions saw a growth of 12%, highest during the year.

The GST collection on imports continued to contract, by13%, compared with a contraction of 20% in the previous month.

“Crossing ₹1 trillion in a festive month after a few months of tepid collections would act as sentiment-booster and help in keeping the fiscal deficit under control — hoping that this trend continues in the coming months,” M.S. Mani, partner, Deloitte India said.

Source: thehindu.com

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