GST Revenue Collection Surges 25% Higher

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Rs. 1,31,526 crore gross GST revenue collected in November

The gross GST revenue collected in the month of November 2021 is Rs. 1,31,526 crore of which CGST is Rs. 23,978 crore, SGST is Rs. 31,127 crore, IGST is Rs. 66,815 crore (including Rs. 32,165 crore collected on import of goods) and Cess is Rs. 9,606 crore (including Rs. 653 crore collected on import of goods).

The government has settled Rs. 27,273 crore to CGST and Rs. 22,655 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2021 is Rs. 51251 crore for CGST and Rs. 53,782 crore for the SGST. Centre has also released Rs. 17,000 crore to States/UTs towards GST compensation on 03.11.2021.

For the second straight month gross GST collection crossed Rs. 1.30 lakh crore. The revenues for the month of November 2021 are 25% higher than the GST revenues in the same month last year and 27% over 2019-20. During the month, revenues from import of goods was 43% higher and the revenues from domestic transaction (including import of services) are 20% higher than the revenues from these sources during the same month last year.

The GST revenues for November 2021 have been the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month’s collection, which also included the impact of returns required to be filed quarterly. This is very much in line with the trend in economic recovery.