GST revenue increased by 6% to Rs 1.03 lakh crore in November. This contrasts with the decline observed in the past two months. Further, the increase in GST revenue is attributed to increase consumer buying during festive season.
Officials suggested that the non-intrusive method of tax generation has improved compliance and raised consumption rates. Thereby, the GST revenue increased over 12% on local trade, highest observed this year. Further, the statement mentioned that this collection is the third-highest monthly acquirement since the implementation of GST. Also, the eight-time it has reached over Rs 1 trillion targets.
The total GST revenue in November was Rs 1,03,492 crore. Of which Rs 19,592 crore was collected in the CGST sector, Rs 27,144 crore from SGST. While IGST generated revenue of around Rs 49,028 crore and cess range stood at Rs 7,727 crore.
However, on the contrary, the GST revenue on imports did not note a positive streak. Rather a negative growth of 13% was noted. Despite the negative growth, this could be reflected as an improvement against the 20% decline observed in the previous year.
Total Revenue Generated
It was noted that over 77.83 lakh GSTR-3B returns were filed between October and November. Following the settlements, of Rs 25,150 crore and Rs 17,431 crore to CGST and SGST respectively, the government earned Rs 44,742 crore for CGST and Rs 44,576 crore for SGST.
Sign of Economic Revitalization
The rise in GST revenue collected might be considered as a positive step towards economic recovery. Additionally, the government believes that the expansion from Rs. 97, 637 crores in November last year and Rs 95,380 crore in October this year to Rs 1.03 lakh crore November this year is a sign of growth in demand. Accordingly, higher revenue generation will further provide fiscal relaxation to the government.
However, we must bear in mind the possibility of the increase is because of the festive season. Besides hoping the momentum to continue, certain measures to be prepared forehand in case of decline.