GST revenue increased 6% in November to Rs. One lakh crore has been crossed

For the eighth time since the implementation of the GST system in the country, the revenue has crossed 1 lakh crore

Impact of increasing consumer spending and resolving merchant complaints on GST issues

The total revenue of the Union Territories in November for the CGST is Rs. 44,742 crore, for SGST Rs. 44,576 crore

New delhi date. December 1, 2019, Sunday

With the help of government relief measures to end the economic downturn in the country, the revenue of Goods and Services Tax (GST) in November 2019 will be Rs. 1,03,492 crore surpassed Rs. After three consecutive months of decline and a slowdown in overall economic growth, the GST revenue has been partially relieved by a 6% increase in revenue.

GST revenue in November 2019 is the third largest revenue after the introduction of GST. Earlier in April 2019 and March 2019, GST revenue figures were Rs. 1 lakh crore was crossed, the Ministry said. GST revenue in November last year was Rs 97,637 crore.

While in October, Rs. 95,380 crore, representing a decline of 5.3 per cent annually. However, October revenue was up 3.8% on a monthly basis. In September 2019, GST revenue was Rs. 91,916 crore, the lowest monthly income since February 2018. Tax collection in August 2019 is Rs. 98,202 crore.

According to official sources, GST revenues have increased in November 2019 as part of the rise in consumer spending and the impact of resolving the complaints of traders on the GST issue. The officials added that the total revenue of the central government and state governments in November after the regular settlement was Rs. 44,742 crore and Rs. 44,576 crore.

GST revenue in the last three months ie August, September and October was Rs. Less than 1 lakh crore. For the eighth time since the GST system was implemented to pay tax in the country from July 2017, GST revenue has crossed Rs one lakh crore.

How much contribution to GST revenue?

During the month of November 2019, GST collections on local deals saw a growth of 12%, the biggest growth of this year. In November, the total was Rs. CGST's share of GST revenue of Rs 1,03,492 crore was Rs. 19592 crore, SGST's share of Rs. 27,144 crore, IGST's share of Rs. 49,028 crore (including Rs. 20,948 crore collected on imports) and cess share of Rs. 7,727 crore (including Rs. 869 crore collected on imports).

Impact of government action

The GDP growth rate in the country was 4.5 percent in the wake of the economic downturn, the sixth consecutive quarterly decline. The government made some significant financial, administrative, and policy announcements to advance the economy from August 23rd, and on September 20 it took the biggest step by reducing corporate tax. In April of the current financial year, Rs. The beginning of the financial year for the government with a GST revenue of 1.14 lakh crore, which was the highest monthly income since the introduction of GST. In May, GST revenue was estimated at Rs 1 lakh crore, but in June it was partially reduced to Rs. 99,940 crore. There were over 1 lakh crore.

More efforts are needed to increase revenue

Archet Gupta, founder and CEO of a tax and investment-related company providing a leading financial technology platform, said, "With the implementation of a 20 percent cap on input tax credit, GST revenue was partially increased. General Chat Chat Lounge However, the introduction of e-invoicing will help the government remove the pervasiveness in the system. The government needs to put in more efforts to significantly increase GST revenue.