GST revenues cross Rs 1 lakh crore mark for 2nd month
The collections witnessed the first year-on-year growth in September and last month, it crossed the psychological Rs 1 lakh crore mark
New Delhi : GST collections posted growth for the third month in a row in November over the previous year collections, in signs that the economy continues to reflate after a strict lockdown. Collections of tax on the sale of goods and rendering of services came in at Rs 1,04,963 crore in November, the finance ministry said in a statement on Tuesday.
The collections were higher than Rs 1.03 lakh crore recorded in November 2019 but were Rs 192 crore lower than October 2020 collections. The Goods and Services Tax (GST) collections, which directly reflect the state of economic activity, had plummeted to a record low of Rs 32,172 crore in April after the government imposed a nationwide lockdown to curb the spread of coronavirus.
Subsequent easing of lockdown restrictions helped collections rise. The collections witnessed the first year-on-year growth in September and last month, it crossed the psychological Rs 1 lakh crore-mark. November is the second straight month when GST revenues have topped Rs 1 lakh crore. One lakh crore is one trillion.
The year-on-year growth in GST collections in November stood at 1.4 per cent while in October and September, it was at 10 per cent and 4 per cent, respectively.
"In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4 per cent higher than the GST revenues in the same month last year.
During the month, revenues from import of goods was 4.9 per cent higher and the revenues from domestic transaction (including import of services) are 0.5 per cent higher than the revenues from these sources during the same month last year," the ministry said in the statement.