GST collection amounts to all time high in December; Rs 1.15 lakh crore

GST revenue collection for the month of December 2020 amounted to Rs 1.15 lakh crore. The GST revenues during December 2020 have been the highest since the introduction of GST signifying sustained recovery in business activity. It is the first time that it has crossed ₹ 1.15 lakh crore, said the Ministry of Finance in a release on Friday.

The highest GST collection till now was ₹ 1.13 lakh crore in the month of April 2019. The December 2020 revenues are significantly higher than last month’s revenues of ₹ 1,04 lakh crore due to combined effect of the rapid economic recovery post-pandemic and the nation-wide drive against GST evaders and fake bills along with many systemic changes introduced recently. This is the highest growth in monthly revenues since the last 21 months.

EY India chief policy advisor DK Srivastava said, “The high-frequency indicators have been showing a slow but sustained turnaround.”

Reflecting the trend, GST collections have shown positive growth since September. While GST revenue in September could not cross the Rs 1 lakh crore benchmark, it still saw a 4% growth to Rs 95,480 crore that month compared to a year ago. Revenue collection in October saw an impressive 10% year-on-year growth to Rs 1,05,155 crore. And collections in November also saw a 1.4% year-on-year growth to Rs 1,04,963 crore.

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