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GST collection breaks all records: GST got Rs 1.15 lakh crore in December 2020

new Delhi: The revival of the central government’s GST of opening the unlock in the corona period of the country has been Rs 1,15,174 crore in the last month of the year 2020. This is the highest collection ever. Earlier in April 2019, the highest GST collection of Rs 1 lakh 13 thousand 866 crore was made. Also Read – Rules Changes From Today 1st January 2021: These big changes are happening in the new year from today, know if not …

The Union Finance Ministry on Friday said that the GST GST collection touched an all-time high of Rs 1.15 lakh crore in December, reflecting festive demand and improvement in the economy. Also Read – PF News: Labor Ministry decides to pay 8.5% interest on EPF for 2019-20

The Finance Ministry said in a statement that gross GST revenue stood at Rs 1,15,174 crore in December 2020, and is the highest for any month after the Goods and Services Tax (GST) was implemented.

GST collection increased due to these reasons
The Finance Ministry said in a statement, “This is the highest monthly revenue growth in the last 21 months. This was made possible due to the rapid economic recovery after the epidemic and the nationwide campaign against GST evasion and fake bills, and systemic changes. “

Revenue from imported goods increased by 27 percent
A total of 87 lakh GSTR-3B returns were filed from November to 31 December. Revenue from imported goods grew by 27 percent in the month under review and revenue from domestic transactions (including import services) was 8 percent higher than the same period last year.

Crossed the one lakh crore rupee mark for the third consecutive month
In line with the recent trends in improvement in GST revenue, the revenue collection crossed the Rs 1 lakh crore mark for the third consecutive month. Total revenue collection in December 2020 was 12 percent higher than in December 2019.

GST amount increased in this way
The central GST collections in December stood at Rs 21,365 crore, state GST collections at Rs 27,804 crore, integrated GST at Rs 57,426 crore (including Rs 27,050 crore collected on import of goods) and cess at Rs 8,550 crore (including Rs 971 crore collected on imports).

More than 4.84 crore ITRs filed till 31 December
The Income Tax Department said on Friday that more than 4.84 crore income tax returns had been filed for the financial year 2019-20 till 31 December 2020.

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Kim Diaz

Kim recently joined the team, and she writes for the Headline column of the website. She has done major in English, and a having a diploma in Journalism.

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