Here is some good news on the Indian economy, which has been facing some severe criticism due to drastic slowdown.
As the latest reports say, India’s GST collections have crossed Rs 1 lakh crore to touch Rs. 1.03 lakh crore in November 2019, showing a 6% year-on-year rise over November 2018.
The GST has reportedly seen this positive rise after two months of negative growth, this year.
The GST revenue collection was Rs 95,380 crore in October 2019, a decline from Rs 97,637 crore in the same month last year.
This rise in November, third-highest since the GST roll-out, is being attributed to a pick-up in consumption and compliance patterns.
GST witnessed 2019’s highest collections in November, with GST on domestic transactions reporting a 12% rise.
Gross GST Collections: Apr to Nov 2019
“Of gross Rs 1,03,492 crore in November, CGST is Rs 19,592 crore, SGST is Rs 27,144 crore, IGST is Rs 49,028 crore (including Rs 20,948 crore collected on imports) and Cess is Rs 7,727 crore (including Rs 869 crore collected on imports),” PTI said in a statement.
Rs 1 Lakh Crore Mark
As the reports say, this is the 8th time that GST collections have touched Rs 1 lakh crore in a month since the GST launch in July 2017.
However, the GST collection on imports continues to see negative growth of -13%, showing a little improvement over the previous month (-20%).
The total number of GSTR 3B Returns filed during October-November 30, 2019 totaled Rs. 77.83 lakh.
Meanwhile, the government has settled Rs 25,150 crore to CGST and Rs 17,431 crore to SGST from IGST under the regular settlement process.
After the settlement, the total revenue earned by Central and State Governments in the month of November 2019 stands at Rs 44,742 crore (CGST) and Rs 44,576 crore (SGST), respectively.
Ministry of Finance Press Note – GST Revenue Collection for November 2019
Experts say that the GST improvement backed by festive season boost offers due encouragement in the future.