The gross Goods and Services Tax (GST) revenue collected inDecember 2020 reached a record high of over Rs 1.15 lakh crore.
Out of the total GST revenue collection of Rs 1,15,174crore, Central GST (CGST) was Rs 21,365 crore, State GST (SGST) was Rs 27,804crore, Integrated GST (IGST) was Rs 57,426 crore (including Rs 27,050 crorecollected on import of goods), said a Finance Ministry statement.
Cess contributed Rs 8,579 crore to the overall GST revenue,including Rs 971 crore collected on import of goods.
"The GST revenues during December 2020 have been thehighest since the introduction of GST and it is the first time that it hascrossed Rs 1.15 lakh crore. The highest GST collection till now was Rs 1,13,866crore in the month of April 2019," the statement said.
As per the official statement, the revenues of April usuallytend to be high since they pertain to the returns of March, which marks the endof the financial year.
The December 2020 revenues are significantly higher thanlast month's revenues of Rs 1,04,963 crore. This is the highest growth inmonthly revenues since the last 21 months.
The growth can be attributed to the combined effect of therapid economic recovery and the nationwide drive against GST evaders and fakebills along with many systemic changes introduced recently, which have led toimproved compliance, as per the ministry.
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The total number of GSTR-3B Returns filed for the month ofNovember up to December 31, 2020 was 87 lakh.
"The government has settled Rs 23,276 crore to CGST andRs 17,681 crore to SGST from IGST as regular settlement. The total revenueearned by Central Government and the State Governments after regular settlementin the month of December 2020 is Rs 44,641 crore for CGST and Rs 45,485 crorefor the SGST," it said.
In line with the recent trend of recovery in the GSTrevenues, the revenues for the month of December 2020 are 12 per cent higherthan the GST revenues in the same month last year.
During the month, revenues from import of goods was 27 percent higher and the revenues from domestic transaction, including import ofservices, were 8 per cent higher than the revenues from these sources duringthe same month last year.
The statement noted that till now, GST revenues have crossedRs 1.1 lakh crore three times since the introduction of GST.
The average growth in GST revenues during the last quarterhas been 7.3 per cent as compared to (-) 8.2 per cent during the second quarterand (-) 41.0 per cent during the first quarter of the financial year.