The Goods and Services Tax (GST) collection for the month of December stood at a whopping ₹1,15,174 crore reaching an all-time high ever since the GST was implemented in India on July 1, 2017.
Of the 1.1.5 lakh crore collected, CGST was ₹ 21,365 crore, SGST was ₹ 27,804 crore, IGST was ₹ 57,426 crore (including ₹ 27,050 crore collected on import of goods) and cess was ₹ 8,579 crore (including ₹ 971 crore collected on goods imports).
Owing to the collection, the total revenue that came in the Centre’s share for the month of December 2020 was ₹ 44,641 crore and ₹ 45,485 crore was distributed among the states.
The collection in December 2020 was 12% higher than the collection recorded in December 2019. As per a report by NDTV, “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.”
Before the current record collection, the highest GST collection was recorded back in April 2019 at ₹1,13,866 crore. To note is the fact that higher GST revenue collection in the month of April is a normal scenario as revenue pertains to the returns of March, which marks the end of the financial year.
The GST collection in November 2020 stood at ₹1,04.963 crore.
However, it would be crucial to see if this trend of high GST collection continues in 2021 or is just the effect of rapid economic recovery post-pandemic.
The government sees GST revenue crossing Rs 1-Lakh crore mark as a good sign; assuring the government to understand where the economy of the country is heading towards.