November GST collections top ₹1 trillion1 min read . Updated: 01 Dec 2020, 02:31 PM IST
- Out of the ₹1.05 trillion revenue collected, central GST is ₹19,189 crore, state GST is ₹ 25,540 crore, IGST is ₹ 51,992 crore and cess is ₹8242 crore
NEW DELHI: Goods and services tax (GST) revenue of the central and state governments scaled ₹1 trillion mark for the second consecutive month in November, after a sharp decline in the initial months following the nationwide lockdown. GST collections grew 1.4% on a year-on-year basis.
Out of the ₹1.05 trillion revenue collected, central GST was ₹19,189 crore, state GST was ₹ 25,540 crore, IGST ₹ 51,992 crore and cess ₹8,242 crore. November receipts refer to sales made in October.
After showing year-on-year contraction in the April to August period, GST receipts showed a positive trend in September, which got pronounced in October, indicating that the economic recovery is in line with the lifting of lockdown restrictions.
An official statement from the finance ministry said the total revenue earned by central and state governments after regular settlement stood at ₹22,293 crore and ₹16,286 crore respectively. The total revenue earned by Central Government and the State Governments after regular settlement in the month of November 2020 is ₹ 41,482 crore for CGST and ₹ 41,826 crore for the SGST.
The pace of contraction in the Indian economy slowed in September quarter to 7.5% from a historic high of 23.9% contraction in June quarter. While some research agencies have revised upward their GDP forecasts for India, S&P Global Ratings on Monday stuck to its earlier projection of 9% dip in GDP in FY21 holding it awaits more proof of sustained recovery in economic activities.
“While there are now upside risks to growth due to a faster recovery in population mobility and household spending, the pandemic is not fully under control. We will wait for more signs that infections have stabilized or fallen, together with high-frequency activity data for the fiscal year third quarter, before changing our forecasts," it said on Monday.
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