GST revenue is Rs. 1.31 lakh crore: Second best performance

New Delhi: Goods and Services Tax collection (GST) revenue rose 25 per cent to Rs 1.31 lakh crore in November. This is the second highest revenue since the implementation of GST. This indicates that along with the economic renaissance, business activities are also now becoming normal. It has also led to an increase in compliance.

For the fifth month in a row, GST revenue has been above Rs 1 lakh crore. The total collection of GST in November 2021 was Rs. 1,31,526 crore, of which Rs. 23,978 crore was collected under CGST, Rs. This includes Rs 32,165 crore collected on imported goods and Rs 9,609 crore on cess. This includes Rs 653 crore collected as cess on imported goods.

CGST stands for Central Goods and Services Tax (CGST), SGST (State Goods and Services Tax) and IGST stands for (Integrated Goods and Service Tax).

Revenue from GST in November is 25 per cent higher than the revenue of Rs 1.05 lakh crore in November 2020. While the GST revenue of November 2021 is 27% higher than the revenue of November 2019.

The GST revenue in November is the second highest after the revenue of Rs 1,39,708 crore recorded in April 2021. The GST figure was Rs 1,41,000 lakh crore in April, which has since been revised upwards. This way the monthly figures are updated.

Of this, Rs 97,821 crore was made in May, Rs 92,800 crore in June, over Rs 1.16 lakh crore in July, over Rs 1.12 lakh crore in August, over Rs 1.17 lakh crore in September and over Rs 1.30 lakh crore in October. The recent increase in GST revenue is due to various policy and administrative initiatives of the government. This has led to an improvement in compliance. The GST, which came into force on July 1, 2017, covers all types of indirect taxes, excise duty, service tax, VAT.