Home Top Stories GST collections at all-time excessive of over Rs 1.15 lakh crore in...

GST collections at all-time excessive of over Rs 1.15 lakh crore in December 2020

0


Image Source : GOOGLE

GST collections at all-time excessive of over Rs 1.15 lakh crore in December 2020

GST collections touched a file excessive of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating financial system. The gross GST income collected within the month of December 2020 is Rs 1,15,174 crore and is the best for the reason that introduction of Goods and Services Tax from July 1, 2017, the Finance Ministry stated in a press release.

“This is the best development in month-to-month revenues for the final 21 months. This has been attributable to mixed impact of the fast financial restoration post-pandemic and the nation-wide drive in opposition to GST evaders and faux payments together with many systemic adjustments launched not too long ago, which have led to improved compliance,” the Finance Ministry stated in a press release.

The complete variety of GSTR-3B Returns filed for the month of November as much as thirty first December 2020 is 87 lakh.

During the month, revenues from import of products had been 27 per cent increased and the revenues from home transaction (together with import of companies) are 8 per cent increased than the revenues from these sources throughout the identical month final yr.

READ MORE: New Year, New Rules: From Cheque cost to Phone calls – Things that may change from January 1

In line with the current development of restoration within the GST revenues, the mop-up in December crossed Rs 1 lakh crore mark for the third month in a row and was 12 per cent increased than over Rs 1.03 lakh crore collected in December 2019.

During December Central GST mop-up is Rs 21,365 crore, State GST is Rs 27,804 crore, Integrated GST is Rs 57,426 crore (together with Rs 27,050 crore collected on import of products) and Cess is Rs 8,579 crore (together with Rs 971 crore collected on import of products).

The authorities has settled Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as common settlement. The complete income earned by the Central Government and the State Governments after common settlement within the month of December is Rs 44,641 crore for CGST and Rs 45,485 crore for the SGST. 

READ MORE: Mandatory 1% GST legal responsibility from January 1: Who all should pay? Here’s your cheat sheet

Latest Business News





Source hyperlink

NO COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exit mobile version