Items and Companies Tax (GST) collections jumped to over ₹1.31 lakh crore in November, the second highest since its implementation in July 2017, consistent with the development in financial restoration, the finance ministry mentioned on Wednesday.
“The gross GST income collected within the month of November 2021 is ₹1,31,526 crore of which CGST is ₹23,978 crore, SGST is ₹31,127 crore, IGST is ₹66,815 crore (together with ₹32,165 crore collected on import of products) and Cess is ₹9,606 crore (together with ₹653 crore collected on import of products),” the ministry mentioned in an announcement.
CGST refers to Central Items and Companies Tax, SGST (State Items and Service Tax) and IGST (Built-in Items and Companies Tax).
The GST revenues for the month of November 2021, are 25 per cent larger than November 2020, and 27 per cent larger over November 2019.
“The GST revenues for November 2021 have been the second highest ever since introduction of GST, second solely to that in April 2021, which associated to year-end revenues and better than final month’s assortment, which additionally included the affect of returns required to be filed quarterly. That is very a lot consistent with the development in financial restoration,” the ministry mentioned.
In October 2021, the revenues have been ₹1,30,127 crore, whereas in April 2021, it was the very best at over ₹1.41 lakh crore.
The latest development of excessive GST revenues has been a results of varied coverage and administrative measures which were taken up to now to enhance compliance.
A lot of initiatives undertaken within the final one yr like, enhancement of system capability, nudging non-filers after final date of submitting of returns, auto-population of returns, blocking of e-way payments and passing of enter tax credit score for non-filers has led to constant enchancment within the submitting of returns over the previous few months, the ministry added.