For the one more time, GST acquisitions in December reached over Rs 1.15 lakh crore, crossing Rs 1 lakh crore targets since November and October this year. In this article, we will discuss on GST collection December 2020.
GST collection December 2020
The Central Government has proclaimed the gross GST revenue collected in December 2020 was highest since GST implementation at Rs 1,15,174 crore of which CGST is Rs 21,365 crore. This is the Third time GST return filing have crossed the Rs1.15 lakh crore mark SGST is Rs 27,804 crore, IGST is Rs 57,426 crore (covering Rs 27,050 crore collected on import of goods) and Cess is Rs 8,579 crore (covering Rs 971 crore collected on import of goods).
The aggregate number of GSTR-3B Returns listed for November up to 31st December 2020 is 87 lakhs. The Central government has recompensed Rs 23,276 crore to CGST and Rs 17,681 crore to SGST from IGST as a formal settlement. The cumulative revenue received by the Central Government and the State Governments after regular settlement in December 2020 is Rs 44,641 crore for CGST and Rs 45,485 crore for the SGST.
Further Notification for Taxpayers
The GST revenues during December 2020 have been the highest since the initiation of GST. It is the first time that it has passed Rs 1.15 lakh crore. The biggest GST collection till now was Rs 1, 13, 866 crores in April 2019. The revenues of April usually tend to be high since they concern the returns of March, which marks the end of the financial year. The December 2020 revenues are certainly biggest than last month’s revenues of Rs 1,04.963 crore. This is the highest inflation in monthly revenues for the last 21 months.
Till now, GST revenues have passed Rs 1.1 lakh crore three times since the initiation of GST. This is the third month in a row in the prevailing financial year after the economy has been conferring signs or recovery post-pandemic that the GST revenues have been more than Rs 1 lakh crore. The expansion in GST revenues during the last quarter has been 7.3% as equalled to 8.2% during the next quarter and 41.0% during the primary quarter of the year.
In case, you need any kind of direction connected with the GST Registration, or any other GST compliance, please feel free to communicate with our business advisors at 8881-069-069.
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