UP AND UP .. Major jump in GST collections — after a pause for two months; November tax collections cross 1trillion mark

NEW DELHI : In what comes as considerable relief to the Modi government, the Goods and Services Tax (GST) revenue collection crossed the ₹1 trillion mark in November, after a lull of three months, with the revenue growing by 6 per cent to ₹1.03 trillion last month alone. The positive growth is seen as a possible sign of India’s slow economic recovery, and has come after two months of negative growth.
The GST collection was ₹95,380crore in October while it was ₹97,637crore in November 2018. Of the gross ₹1,03,492 crore in November, CGST is ₹19,592crore, SGST is ₹27,144crore, IGST is ₹49,028crore (including ₹20,948crore collected on imports) and Cess is ₹7,727crore (including ₹869crore collected on imports), an official release here on Sunday said. 

It noted that after three months of negative growth (namely in August, September and October), the GST revenue witnessed an impressive recovery with a growth of 6 per cent in November 2019, over the November 2018 collections.

During the month, the GST collection on domestic transactions witnessed a growth of 12 per cent, the highest during the year. The collection on imports continued to see negative growth at (-)13 per cent. it noted. This is the eighth time since the roll-out of GST in July, 2017, that the monthly collection has crossed the mark of ₹1trillion. Also, last month’s collection is the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019 collections, it is pointed out. –IHN-NN

INDIA HERE AND NOW www.indiahereandnow.comemail:indianow999@gmail.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s