The government said that it has collected GST revenue of more than Rs 1 lakh crore for the second consecutive month in November 2020. GST collections stood at 1.05 lakh crore in the month, as per the Ministry of Finance. At a time when the government is struggling with revenue collections, October and November have seen decent growth in GST collections, signalling the recovery in the economy. Out of the total collection, the government garnered a CGST of Rs 19,189 crore, SGST of Rs 25,540 crore, IGST of Rs 51,992 crore, and Cess of Rs 8,242crore. The total number of GSTR-3B returns filed for the month of November stood at 82 lakhs.
While government's GST revenue had topped Rs 1 lakh crore in 8 out of 12 months in the financial year 2019-20. The revenue took a hit in the current year due to the lockdown and the consequent slowdown in the economy.
In October, the GST collection was Rs 1.051 lakh crore. It is the third straight month that the collection has risen year-on-year. November 2020's GST collection included central GST of Rs 19,189 crore, state GST (SGST) of Rs 25,540 crore and integrated GST (IGST) of Rs 51,992 crore and cess of Rs 8,242 crore.
"During the month, revenues from import of goods were 4.9% higher and the revenues from domestic transaction (including import of services) are 0.5% higher than the revenues from these sources during the same month last year," the finance ministry said in a statement.
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