Insight Online News
New Delhi, Jan 1 : The year 2021 ended on a higher note for goods and services tax (GST) collection with total mop-up rising 13% year-on-year to Rs 1,29,780 crore in December.
Increased economic activities and better compliance aided the growth in GST collection last month.
“Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure,” Finance Ministry said.
Out of the total GST collection in the month of December, CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods).
The Finance Ministry hoped that the positive trend in the revenues will continue in the last quarter (January-March) as well.
The average monthly gross GST collection for the third quarter of the current year has been Rs 1.30 lakh crore against the average monthly collection of Rs 1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarters respectively.
“The GST collection in the month is close to Rs 1.30 lakh crore despite reduction of 17% in the number of e-way bills generated in the month of November, 2021 (6.1 crore) as compared to the month of October, 2021 (7.4 crore) due to improved tax compliance and better tax administration by both Central and State Tax authorities,” the Finance Ministry noted.