GST Collection Rises To 6%, Crosses 1 Lakh Crore Mark, Throws A Lifeline To Govt

Published : 2 Dec 2019 9:37 AM GMT
GST Collection Rises To 6%, Crosses 1 Lakh Crore Mark, Throws A Lifeline To GovtImage Credits:�9TVNews

The Ministry of Finance on December 1 revealed that the gross Goods and Services Tax (GST) revenue collection in November was Rs 1.03 lakh crore, crossing the Rs 1 lakh crore mark for the eighth time. The BJP implemented GST collection plummeted below the Rs 1 lakh crore for the past three months.

Last month’s GST collection shot to 6 per cent in comparison to the previous year’s November collection. In November 2018, the GST collections were Rs 97,637 crore.

Crossing the Rs 1 Lakh crore mark brings some respite to the Modi led government which has been struggling to revive the debilitating economy of the country. The country’s GDP slipped to a record low of 4.5 per cent in the July-September quarter. This is the lowest in the six-year.

The GST collection on domestic transactions grew 12% – the highest this year, the ministry said. This was also the third-highest monthly collection since GST was rolled out.

Of the total collection in November, Rs 19,592 crore was central GST, Rs 27,144 crore was state GST, integrated GST was Rs 49,028 crore – including Rs 20,948 crore collected on imports – and Rs 7,727 crore was collected through cesses, the government said. The number of GST returns filed till November 30 was 77.83 lakh.

In the month of October 2019, the GST collection stood at Rs 95,380 crore, which was 3.8 per cent more than the 19-month low of Rs 91,916 crore in September.

Concerned with the low tax collection, the central government on October 10, formed a committee of officers to find ways to raise revenue collection. The terms of reference of the panel include suggestions on systemic changes in goods and services tax (GST), including checks and balances, to avoid misuse and suggest measures to improve voluntary compliance.

Also Read: SBI Confirms Economic Slowdown, Drops India’s GDP Growth Forecast To 5% For FY20

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