GST Collections at All-Time High of Over Rs 1.15 Lakh Crore in December 2020

New Delhi, January 1: GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy. The gross GST revenue collected in the month of December 2020 is Rs 1,15,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the Finance Ministry said in a statement.

"This is the highest growth in monthly revenues for the last 21 months. This has been due to combined effect of the rapid economic recovery post-pandemic and the nation-wide drive against GST evaders and fake bills along with many systemic changes introduced recently, which have led to improved compliance," the Finance Ministry said in a statement. GST Payers to Fill Just 4 GSTR-3B Forms, Instead of 12, From January 1, 2021.

The total number of GSTR-3B Returns filed for the month of November up to 31st December 2020 is 87 lakh. During the month, revenues from import of goods were 27 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during the same month last year.

In line with the recent trend of recovery in the GST revenues, the mop-up in December crossed Rs 1 lakh crore mark for the third month in a row and was 12 per cent higher than over Rs 1.03 lakh crore collected in December 2019.

During December Central GST mop-up is Rs 21,365 crore, State GST is Rs 27,804 crore, Integrated GST is Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and Cess is Rs 8,579 crore (including Rs 971 crore collected on import of goods).

The government has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of December is Rs 44,641 crore for CGST and Rs 45,485 crore for the SGST.