1. Home
  2. Business
  3. GST revenue collection at Rs 1.29 lakh crore in Dec 2021

GST revenue collection at Rs 1.29 lakh crore in Dec 2021

By Priyanka Verma 
Updated Date
GST revenue collection at Rs 1.29 lakh crore in Dec 2021

The central government earned Rs 1,29,780 crore in gross Goods and Services Tax (GST) revenue for the month of December — a 13% year-on-year increase and a 26% growth compared to the same month in 2019, the Finance Ministry said on Saturday.

Also Read :- Axis Bank Q3 results: Net profit jumps 224% YoY to Rs 3,614

Of this amount, CGST comprises Rs 22,578 crore, SGST amounts to Rs 28,658 crore and IGST–including Rs 37,527 crore collected on import of goods–stood at Rs 68,155, as per an official press release. The release added that Rs 9,839 crore was collected in cess, including Rs614 crore on import of goods.

“The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for SGST,” the statement read.

According to the press release, revenue from import of goods was 36% higher and the revenues from domestic transactions (including import of services) are 5% higher than the revenues from these sources during the same month last year.

“The GST collection in the month is close to Rs 1.30 lakh crore despite a reduction of 17% in the number of e-way bills generated in the month of November, 2021 (Rs 6.1 crore) as compared to the month of October, 2021 (Rs 7.4 crore) due to improved tax compliance and better tax administration by both central and state tax authorities,” the statement read.

Also Read :- Amazon says Samara ready to buy Future Retail assets for ₹7,000 cr: Report

The statement further said the average monthly gross GST collection for the third quarter of the current fiscal was higher than the average monthly collection of Rs 1.10 lakh crore and Rs 1.15 lakh crore, recorded in the first and second quarters respectively. “Coupled with economic recovery, anti-evasion activities–especially action against fake billers–have been contributing to the enhanced GST,” the release read.

The improvement in revenue has also been due to various rate rationalisation measures undertaken by the GST Council to correct inverted duty structure. “It is expected that the positive trend in the revenues will continue in the last quarter as well,” the statement added.
Also read:

Further reading:
For the latest news and reviews, follow us on Facebook and Twitter ...