GST collection at record level for the first time!

15

Prime Time Zone, Webdesk: Goods and Services Tax (GST) collections for December 2020 were at record levels. A maximum of Rs. The year ended with Rs 1,15,174 crore. In addition, these are the highest monthly collections since the GST policy was sold. In the month of April, 2019, Rs. 1,13,866 crore is the highest collection so far, the Finance Ministry said in a statement on Friday. Similarly, GST collection in December 2019 was 12 per cent higher than in December. Earlier in November, GST collection stood at Rs 1,04,936 crore. This marks the third consecutive month of GST collection in the 2019-20 financial year at Rs. Lakhs of crores were collected. In this context, the Finance Ministry is of the view that GST collection is proof of the signs that the country’s economy is recovering from the Kovid-19 epidemic. In addition, it said that due to the correction of the shortcomings in the GST policy, frauds have been reduced, which has contributed to the increase in GST.

‘There seems to be a recovery trend in GST revenue. Revenue from imports was up 27 per cent in December, compared to 8 per cent in the same month last year, the ministry said. Meanwhile, IGST in December collection was Rs. 57,426 crore (including Rs. 27,050 crore through taxes on imports), while CGST was Rs. 21,365 crore and SGST Rs. 27,804 crores. In addition, an additional Rs. 8,579 crore (including import duty of Rs. 971 crore), the ministry said. After all the adjustments, the Center will get Rs. 44,641 crore and Rs. According to the Union Ministry of Revenue, the revenue was Rs 45,485 crore.