GST Revenue Collection Peaks to Rs 1.03 Lakh Crore in December 2019, Up by 9% Year-on-Year Basis
The GST revenues during the month of December, 2019 from domestic transactions has shown an impressive growth of 16 percent over the revenue during the month of December, 2018.
Mumbai, January 1: GST revenue collection remained above Rs 1 lakh crore mark for the second month in a row with December's revenue rising to Rs 1.03 lakh crore as compared to the year-ago period. In December 2018, the GST collection was Rs 97,276 crore. Experts attributed the rise to the festive season that saw a rise in overall shopping and due to better compliance. GST New Rules: Property, Bank Account of Defaulters Can Now be Attached to Recover Dues.
The GST collection in November 2019 had stood at Rs 1,03,492 crore. Of the gross Rs 1,03,184 crore last month, CGST is Rs 19,962 crore, SGST is Rs 26,792 crore, IGST is Rs 48,099 crore (including Rs 21,295 crore collected on imports) and Cess is Rs 8,331 crore (including Rs 847 crore collected on imports), an official statement said. Nirmala Sitharaman Heads 38th GST Council Meet, Extends GSTR Return Filing Deadline Till January 31; Here Are All Details.
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The GST revenues during the month of December, 2019 from domestic transactions has shown an impressive growth of 16 percent over the revenue during the month of December, 2018. If we consider IGST collected from imports, the total revenue during December, 2019 has increased by 9 percent in comparison to the revenue during December, 2018. During this month, the IGST on import of goods has seen a negative growth of minus 10 percent, but is an improvement over minus 13 percent in November and minus 20 percent in the month of October.
In addition, the government settled Rs 21,814 crore to CGST and Rs 15,366 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of December, 2019 is Rs 41,776 crore for CGST and Rs 42,158 crore for the SGST, said the government figures.
(The above story first appeared on LatestLY on Jan 01, 2020 05:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).