This November GST collections saw a record high with second highest collections till date. With GST collections crossing the Rs. 1 Lakh crore milestone. For the fifth month in a row the GST collections have consistently passed the Rs. 1 Lakh crore mark. For the record, GST (goods and services tax) collected revenue for November 2021 soared to Rs 1,31,526 crore.
Out of the total GST revenue collections, The CGST (Central GST) amounted to Rs.23,978 crore along with SGST (State GST) amounted around Rs.31,127 crore and the IGST (Integrated GST) collection was Rs.66,815 crore as per the finance ministry data.
Such record high collection in GST revenue collection has been for the second time since the implementation of GST, The Finance Ministry said in a statement with Rs.1,39,708 crore revenue collections for the very first time in April 2021.
A record combined GST collection share was Rs.66,815 crore that includes Rs.32,165 crore collections from GST on imports of goods. Revenue collected stood at Rs.9,606 crore which includes Rs.653 crore collection solely due to GST on imported goods.
When compared to the last fiscal year, GST revenue collection for the month of November 2021 shot up by 25 per cent than the previous year’s November month. When the November 2021 GST numbers are compared with November 2019-20 numbers, a positive growth of around 27 percent can be clearly seen by the results.
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Such exponential growth in GST collection figures indicates positive signs for the country’s economy indicating financial inclusion and acceptance of the new tax policies and technologies by the public.
From the total combined GST share, The center will retain Rs.27,273 crore as CGSR and Rs.22,655 crore will be shared by the states, said the finance ministry thereby highlighting the federal decentralized nature of the GST model.
After the allocation and sharing of the GST revenue to the concerned stakeholders, the Center will be left with Rs.51,251 crore and the states will be having a share of around Rs.53,782 crore. What more has been achieved is that the revenues from the imports has risen to unprecedented levels with 43 percent rise when compared with the last year’s figures.
Under GST compensation the center released a compensation amount of Rs.17,000 crore to the States / Union Territories. In challenging times of the pandemic such positive GST numbers indicate market growth with more and more financial inclusion.