New Delhi: GST revenue of Rs 1,15,174 crore was recovered in December 2020, including CGST Rs 21,365 crore, SGST Rs 27,804 crore, IGST Rs 57,426 crore (including amount of Rs 27,050 crore recovered on import of goods), 8,579 crore Cess amount of rupees (including amount of 971 crores recovered on import of goods) is included. A total of 87 lakh GSTR-3B returns were filed for the month of November till 31 December 2020.
The government disposed of Rs 23,276 crore from CGST, Rs 17,681 crore from SGST as a regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in December 2020 is – Rs 44,141 crore for CGST and Rs 45,485 crore for SGST.
In line with the current trend of recovery in GST revenue, GST revenue was 12 percent higher in December 2020 as compared to the same month last year. Revenue from imports of goods during this month was 27 percent higher than the month of December last year and revenue from domestic transactions (including import of services) was eight percent more.
GST revenue was highest since December GST since December 2020 and for the first time it crossed the level of 1.15 lakh crore. The highest GST collection so far was Rs 1,13,866 crore in April 2019. April normally receives more revenue as it relates to April returns and March is the last month of the financial year. In December 2020, more revenue has been received as compared to the previous month’s revenue of Rs 104.963 crore. This is the highest increase in monthly revenue in the last 21 months. This is made possible by the rapid economic recovery after the epidemic and the nationwide campaign against GST evaders and fake bill makers, as well as the recently introduced systemic changes that have led to improved compliance.
So far, more than 1.1 lakh crores revenue has been received from GST which is three times more than the introduction of GST. This is the third consecutive month in the current financial year when the economy has shown signs of recovery after the epidemic and GST revenue has crossed Rs 1 lakh crore. The average increase in GST revenue in the previous quarter has been 7.3 per cent while it was -8.2 per cent in the second quarter and -41.0 per cent in the first quarter.
The chart below shows the trends in monthly gross GST revenue during the current year. The table shows the state-wise figures of GST recovery in each state during December 2020 as compared to December 2019 –