Form of words:
New Delhi: The Finance Ministry on Wednesday said the Goods and Services Tax (GST) collection rose to over Rs 1.31 lakh crore in November, the second highest since its implementation in July 2017.
“Gross GST revenue collected in the month of November 2021 is Rs 1,31,526 crore, which includes CGST Rs 23,978 crore, SGST Rs 31,127 crore, IGST Rs 66,815 crore (including Rs 32,165 crore collected on import of goods) and cess. 9,606 crore (including Rs 653 crore collected on import of goods) is Rs.
CGST stands for Central Goods and Services Tax, SGST (State Goods and Services Tax) and IGST (Integrated Goods and Services Tax).
The GST revenue for the month of November 2021 is 25 per cent higher as compared to November 2020, and 27 per cent higher as compared to November 2019.
“GST revenue for November 2021 has been the second highest since the introduction of GST, second highest in April 2021, relating to year-end revenue and exceeding the previous month’s collections, with the effect of required returns also includes. filed quarterly. This is in line with the trend of economic recovery,” the ministry said.
In October 2021, the revenue stood at Rs 1,30,127 crore, while in April 2021 it was over Rs 1.41 lakh crore.
The recent trend of higher GST revenue has been the result of various policy and administrative measures that have been taken in the past to improve compliance.
A large number of initiatives were taken in the last one year, such as augmentation of system capacity, denial of non-filers after the last date of filing returns, auto-population of returns, blocking of e-way bills and input tax for non-filers. pass credit. -Filers have consistently improved in filing returns over the past few months, the ministry said.
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