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GST collections for November cross Rs 1 lakh crore mark. Read more!!!

The gross Goods and Services Tax collection for November stood at Rs 1.04 lakh crore, 1.4 percent higher than the sum collected in the same month last year, according to a government statement.

IGST included Rs 22,078 crore collected on import of goods and Rs 8,242 crore. The government has settled Rs 22,293 crore to CGST and Rs 16,286 crore to SGST from IGST as regular settlement. The total revenue earned by the central government and the state governments after regular settlement in the month of November 2020 was Rs 41,482 crore for CGST and Rs 41,826 crore for the SGST.

During the month, revenues from import of goods were 4.9 percent higher and the revenues from domestic transactions were 0.5 percent higher than the revenues from these sources during the same month last year. The Finance Minister said, “In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4% higher than the GST revenues in the same month last year.”

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