Imports increase, computer raids fuel GST collection in December 2021
Gross GST revenue collected in December 2021 was Rs.129,780 crore, 13% more than GST revenue collected in the same month of 2020 and 26% more than GST revenue in December 2019.
In December 2021, income from imports was 36% higher and income from domestic transactions (including import of services) was 5% higher than income from these sources collected in the same month of 2020.
The average monthly gross GST collection for the third quarter of the current fiscal year was 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.
GST collection for December 2021 was close to Rs 1.30 lakh crore despite a 17% reduction in the number of electronic invoices generated in November 2021 (6.1 crore) compared to October 2021 (7 , 4 crore) due to better tax compliance and better tax administration by central and national tax authorities.
Coupled with the economic recovery, anti-avoidance activities, especially measures against bogus billers, have contributed to the increase in the GST. The improvement in revenues is also attributable to various rate rationalization measures taken by the GST Board to correct the inverted tariff structure. The positive trend in revenues is also expected to continue in the last quarter, the finance ministry said.
Gross GST revenue collected in December 2021 was Rs 1,29,780 crore, of which Rs 22,578 crore, SGST Rs 28,658 crore, IGST Rs 69,155 crore (including 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 paid Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. Total Central and States revenue in December 2021 after settlements was Rs 48,146 crore and Rs 49,760 crore, respectively.
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(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
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