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GST collections for the month of November have come in nearly unchanged month-on-month and rose 1.4% on an annual basis at 1,04,963 lakh crore, said government on Tuesday. The collections came at 1,03,491 lakh crore in November 2019 and 1,05,155 lakh crore in October 2020.

"The gross GST revenue collected in the month of November, 2020 is 1,04,963 crore of which CGST is 19,189 crore, SGST is 25,540 crore, IGST is 51,992 crore (including 22,078 crore collected on import of goods) and cess is 8,242 crore (including 809 crore collected on import of goods)," said Ministry of Finance. The total number of GSTR-3B Returns filed for the month of November up to 30th November 2020 is 82 lakh.

The government has settled 22,293 crore to CGST and 16,286 crore to SGST from IGST as regular settlement. 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.

(Photo: PIB)
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(Photo: PIB)

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. During the month, revenues from import of goods was 4.9% higher and the revenues from domestic transaction (including import of services) are 0.5% higher that the revenues from these sources during the same month last year.

The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of November 2020 as compared to November 2019.

Divakar Vijayasarathy, Founder & Managing Partner, DVS Advisors LLP said, "On the back drop of unlock and festive season, GST collections have clocked over 1 lakh crore in the month of November as well. This would definitely give some respite from the stress of the pandemic. Even in the months of December and January, the collections are expected to be stable with the support of the festive season but the real challenge or indication of recovery would be sustaining the collections post festive season in the months of February & March. More than usual, focus would be there on the Budget, 2021, inspite of the Government’s repeated insistence that development measures would be initiated off the budget as well."

GST revenue had topped 1 lakh crore in 8 out of 12 months of 2019-20. However, in the current fiscal, the revenue has taken a hit due to the lockdown and the consequent slowdown in the economy.

Revenue in April was 32,172 crore, May ( 62,151 crore), June ( 90,917 crore), July ( 87,422 crore), August ( 86,449 crore), September ( 95,480 crore), October ( 1,05,155 crore) and November ( 1,04,963 crore).

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