Increased imports, IT raids fuel GST collection in Dec 2021 | Business Standard News

Clipped from: https://www.business-standard.com/article/economy-policy/increased-imports-it-raids-fuel-gst-collection-in-dec-2021-122010100645_1.html

Gross GST revenues collected in December 2021 stood at Rs 1,29,780 crore, 13 per cent higher than GST revenues collected in same month of 2020, and 26 per cent higher than GST revenues in Dec 2019.

Good and services tax, gstIllustration: Ajay Mohanty

The gross GST revenues collected in December 2021 stood at Rs 1,29,780 crore, 13 per cent higher than the GST revenues collected in the same month of 2020, and 26 per cent higher than the GST revenues in December 2019.

In December 2021, revenues from imports were 36 per cent higher, and the revenues from domestic transactions (including import of services) were 5 per cent higher than the revenues from these sources collected during the same month of 2020.

The average monthly gross GST collection for the third quarter of the current financial year has been Rs 1.30 lakh crore against the average monthly collection of Rs 1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarter, respectively.

The GST collection for December 2021 was close to Rs 1.30 lakh crore despite reduction of 17 per cent in the number of e-way bills generated in the month of November 2021 (6.1 crore) as compared to the month of October, 2021 (7.4 crore) due to improved tax compliance and better tax administration by both Central and state tax authorities.

Coupled with economic recovery, anti-evasion activities, especially action against fake billers, have been contributing to the enhanced GST. The improvement in revenues has also been due to various rate rationalisation measures undertaken by the GST Council to correct the inverted duty structure. It is expected that the positive trend in revenues will continue in the last quarter as well, informed the Ministry of Finance.

The gross GST revenues collected in the month of December 2021 stood at Rs 1,29,780 crore, of which CGST is Rs 22,578 crore, SGST Rs 28,658 crore, IGST Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess Rs 9,389 crore (including Rs 614 crore collected on import of goods).

The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenues of Centre and the states in December 2021 after settlements stood at Rs 48,146 crore for and Rs 49,760 crore, respectively.

–IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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