GST Collection Grows 6% To Surpass Rs 1 lakh Crore In November
The government's collection of Goods and Services Tax (GST) stood at Rs 1,03,492 crore last month, official data showed on Sunday. The figure marked the third largest monthly collection of GST since the launch of the new indirect tax regime in July 2017, behind Rs 1,13,865 crore in April and Rs 1,06,577 crore in March. Also, the GST collection came in above the Rs 1 lakh crore mark for the eighth time, the Ministry of Finance said in a press release.
November's GST collection was up 8.5 per cent compared with October and 6 per cent on a year-on-year basis.
"After two months of negative growth, GST revenues witnessed an impressive recovery with a positive growth of 6 per cent in November, 2019 over the November 2018 collection. During the month, the GST collection on domestic transactions witnessed a growth of 12 per cent, which is the highest during the year," Finance Ministry said in a press release.
"The GST collection on imports continued to see negative growth at -13 per cent, but was an improvement over last month's growth of -20 per cent," Finance Ministry added.
Of Rs 1,03,492 crore GST collected in November, CGST or Central GST was Rs 19,592 crore, State GST or SGST was Rs 27,144 crore, Integrated or IGST was Rs 49,028 crore and cess was Rs 7,727 crore, the release added.
The total revenue earned by Central Government and State Governments after regular settlement in the month of November 2019 was Rs 44,742 crore for CGST and Rs 44,576 crore for the SGST.
