New Delhi: The Goods and Services Tax (GST) collection crossed Rs 1.29 lakh crore in December 2021, registering a growth of 13 per cent over the same month last year. The Finance Ministry gave this information on Saturday. However, the GST collection in December has been lower than the figure of Rs 1.31 lakh crore in November. For the sixth consecutive month in December 2021, the government’s GST revenue has exceeded one lakh crore rupees.
The Finance Ministry said in a statement, “Gross GST collection in December, 2021 stood at Rs 1,29,780 crore. The share of Central GST (CGST) stood at Rs 22,578 crore, State GST (SGST) at Rs 28,658 crore and Integrated GST (IGST) at Rs 69,155 crore.
IGST also includes Rs 37,527 crore raised on import of goods. Apart from this, a cess of Rs 9,389 crore (Rs 614 crore was collected on import of goods) is also included in this. The GST collection in December, 2021 is 13 percent higher than the previous year’s Rs 1.15 lakh crore. At the same time, it is 26 percent more than December, 2019.(agency)
The average GST collection in the third quarter (October-December) of the current financial year has been Rs 1.30 lakh crore per month. Whereas in the first quarter it was Rs 1.10 lakh crore and in the second quarter it was Rs 1.15 lakh crore. “With the revival of the economy, measures to check tax evasion, especially against those who issue counterfeit bills, have helped in increasing the GST revenue,” the ministry said. Apart from this, the rate rationalization measures have also increased the GST collections.”
The ministry hoped that this trend of increasing collections would continue in the fourth quarter of 2021-22 as well. A total of 6.1 crore e-way bills were generated in November, 2021. This is about 17 percent less than the figure of 7.4 crore in October, 2021. The ministry said GST collections have increased due to improved tax compliance and better tax administration by the tax departments of the Center and the states.
MS Mani, Partner, Deloitte India, said that despite the reduction in e-way bills, GST revenue has increased. The main reason for this is the introduction of technology-based measures to check tax evasion apart from higher collections from the services sector. Aditi Nair, Chief Economist, ICRA, said that despite the reduction in GSE e-way bill, the GST collection on year-on-year basis and on month-on-month basis overall has been good.