December GST collections highest ever at Rs 1.15 lakh crore

The Goods and Service Tax collection for December 2020 touched a record high of Rs 1.15 lakh crore. This is the highest ever collections since the implementation of the countrywide tax in July 2017, the Finance Ministry said in a statement on Friday, January 1.

Out of the headline amount, IGST (Integrated GST) stood at Rs 57,426 crore (comprising Rs 27,050 crore collected on import of goods), while cess was at Rs 8,579 crore (including Rs 971 crore collected on import of goods).Central and state GST stood at Rs 21, 365 crore, and Rs 27,804 crore.

Also Read: Four reasons why Rs 1.05 lakh crore GST collection is not good enough

Meanwhile, gross GST revenue collected for the month of November, collected in December, 2020, stood at a record high of Rs 1,15,174 lakh crore.

The previously recorded monthly GST collection was Rs 1,13,866 crore, (collected) in the month of April 2019. Total GSTR-3B Returns filed for November up to December 31, 2020, stood at 87 lakh.

"In line with the recent trend of recovery in GST revenues, revenues for the month of December 2020 are 12 per cent higher than GST revenues in the same month last year. During the month, revenues from import of goods were 27 per cent higher and the revenues from domestic transactions were 8 per cent higher than the revenues from these sources during the same month last year," the ministry said.

Also Read: GST compensation: Centre transfers sixth tranche of Rs 6,000 crore to states