New Delhi: The record GST collection so far in December. The GST collection crossed a record high of 1.15 lakh crore in this month. It shows the festive season demand and the improving economy. The Finance Ministry said in a statement that the total accumulated GST revenue in the month of December 2020 is Rs 1,15,174 and is the highest since the Goods and Services Tax came into force on 1 July 2017.
The Finance Ministry said in a statement that this is the highest growth in monthly revenue for the last 21 months. This is due to the rapid recovery in the economy after the pandemic and the nationwide crackdown against fake GST bills, as well as the impact of several recently introduced systemic changes, which led to improved compliance.
The total number of GSTR-3B returns filed till 31 December 2020 for the month of November is 87 lakhs. Revenue from goods imports was 27 per cent higher during the month and domestic transactions (including import of services) were up 8 per cent. This is compared to the same month of last year.
Continuing the recent trend of recovery in GST revenue, the figure crossed Rs 1 lakh crore for the third consecutive month in December and was 12 per cent higher than the Rs 1.03 lakh crore deposited in December 2019.
Central GST during December is Rs 21,365 crore, State GST Rs 27,804 crore, Integrated GST 57,426 crore (including 27,050 crore deposited on import of goods) and Cess 8,579 crore (including 971 crore deposited on import of goods).