GST collections at all-time high of over Rs 1.15 lakh crore in December
New Delhi : The GST revenue collected in the month of December 2020 was Rs 1,15,174 crore of which CGST was Rs 21,365 crore, SGST was Rs 27,804 crore, IGST was Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess was Rs 8,579 crore (including Rs 971 crore collected on goods imports). The total number of GSTR-3B Returns filed for November up to December 31, 2020, was 87 lakhs.
The total revenue earned by the Union government and the state governments after regular settlement in the month of December 2020 was Rs 44,641 crore for CGST and Rs 45,485 crore for the SGST.
The revenues for December 2020 was 12 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 27 per cent higher and the revenues from domestic transaction (including import of services) were 8 per cent higher that the revenues from these sources during the same month last year.
The GST revenues during December 2020 have been the highest since the introduction of GST and it is the first time that it crossed Rs 1.15 lakh crore. The highest GST collection to date was Rs 1,13,866 crore in April 2019. The revenues of April normally tend to be high since they pertain to the returns of March, which marks the end of financial year. The December 2020 revenues are significantly higher than last month's revenues of Rs 1,04.963 crore.
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.