Goods and Services Tax (GST) collections exceeded Rs 1 lakh crore in the month of December 2019. It has grown by nine per cent on a year-on-year basis. GST collection stood at Rs 1.03 lakh crore in December. This is the second time in a row that the GST collection has crossed Rs 1 lakh crore. In November, it was up 6 per cent to Rs 1,03,492 lakh crore. This happened due to the festive season and strict adherence to the law. CGST collection stood at Rs 19,962 crore in December, while SGST collection was Rs 26,792 crore, IGST collection was Rs 48,099 crore. At the same time the collection from cess has been Rs 8,331 crore. GST collections fell by 2.7 per cent and 5.3 per cent respectively in September and October.
In the month of November, the revenue collection under Goods and Services Tax (GST) was Rs 1.03 lakh crore. Of this, the central GST was Rs 19,592 crore while the state GST was Rs 27,144 crore. 49,028 crores received as Integrated Goods and Services Tax. 7,727 crore received as cess. According to an official statement, this time the recovery from central GST in November was Rs 19,592 crore, Rs 27,144 crore from state GST, Rs 49,028 crore from integrated GST and Rs 7,727 crore from GST cess. Of the integrated GST, 20,948 crore was recovered from imports. Similarly, in recovery of cess, Rs. 869 crore was received from cess on imported goods.
After a gap of three months, the government was relieved at the fiscal level after the GST recovery crossed Rs 1 lakh crore again in December. In November itself, the country's fiscal deficit had reached 102 percent of the target set in the budget. Economic experts say the government will have more money to spend when revenue increases, which will help speed up development. Significantly, the festive season resulted in a GST recovery of Rs 1.02 lakh crore in November, which has crossed the 1 lakh crore mark for the first time since July.
