Sunday, January 23, 2022

GST revenue collection rises 25 percent to cross more than 1 lakh 30 thousand crore rupees in Nov

Finance Ministry has said GST revenues for November this year have been the second-highest ever since the introduction of GST and the gross GST revenue collected in November this year is 1 lakh 31 thousand 526 crore rupees. For the second straight month, Gross GST collection has crossed 1 lakh 30 thousand crore rupees. The revenues for November this year are 25 percent higher than the GST revenues in the same month last year and 27 percent over 2019-20.

During the month, revenues from import of goods were 43 percent higher as compared to November last year. Revenues from domestic transactions, including import of services are 20 percent higher than the same month last year.

The recent trend of high GST revenues has been a result of various policy and administrative measures that have been taken in the past to improve compliance, said Finance Ministry. It added that a large number of initiatives undertaken in the last one year like enhancement of system capacity, nudging non-filers after last date of filing of returns, auto-population of returns, blocking of e-way bills, and passing of input tax credit for non-filers has led to consistent improvement in filing of returns.

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