: Gross GST revenue for Dec 2021 increased 13% than last year #FinanceIndia #StockMarketNEWS Gross GST revenue for Dec 2021 increased 13% than last year New Delhi, 1 Jan (KNN) The gross GST revenue
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Gross GST revenue for Dec 2021 increased 13% than last year #FinanceIndia #StockMarketNEWS
Gross GST revenue for Dec 2021 increased 13% than last year New Delhi, 1 Jan (KNN) The gross GST revenue collected in the month of December 2021 is INR 1,29,780 crore of which CGST is INR 22,578 crore, SGST is INR 28,658 crore, IGST is INR 69,155 crore.
The government has settled INR 25,568 crore to CGST and INR 21,102 crore to SGST from IGST as regular settlement.
The total revenue of Centre and the States in the month of December 2021 after settlements is INR 48,146 crore for CGST and INR 49,760 crore for the SGST.
The revenues for the month of December 2021 are 13% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in December 2019.
During the month, revenues from import of goods was 36% higher and the revenues from domestic transaction (including import of services) are 5% higher than the revenues from these sources during the same month last year.
The GST collection in the month is close to Rs 1.30 lakh crore despite reduction of 17% in the number of e-way bills generated in the month of November, 2021 (6.1 crore) as compared to the month of October, 2021 (7.4 crore) due to improved tax compliance and better tax administration by both Central and State Tax authorities.
The average monthly gross GST collection for the third quarter of the current year has been INR 1.30 lakh crore against the average monthly collection of Rs 1.10 lakh crore and Rs 1.15 lakh crore in the first and second quarters respectively.
Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST.
The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure. It is expected that the positive trend in the revenues will continue in the last quarter as well.