Economic activity is continuously improving after the unlock. That is why the Goods and Services Tax (GST) collection has again crossed one lakh crore rupees in December. According to the data released by the Finance Ministry, there is a GST collection of Rs 1.15 lakh crore in December 2020. Earlier, there was a GST collection of Rs 1 lakh 5 thousand 155 crore in October and Rs 1 lakh 4 thousand 963 crore in November.
The Finance Ministry says that December has been the highest collection since the GST system was implemented. Earlier in April 2019, the highest collection was Rs 1 lakh 13 thousand 866 crore.
87 lakh GSTR-3B files till 31 December
According to the Finance Ministry, in December 21 thousand 365 crore rupees have been received from CGST, 27 thousand 804 crore rupees from SGST, and 57 thousand 426 crores rupees from IGST. The IGST also includes 27 thousand 50 crore rupees from the import of goods. Apart from this, Rs 8579 crore has been received as cess. It also includes a cess of Rs 971 crore levied on imported goods. According to the ministry, 87 lakh GSTR-3B returns were filed for November till 31 December 2020.
Collection increased due to these reasons
According to the Ministry of Finance, in December 2020, revenue was 12% higher than the year-ago period.
December 2020 imports have increased. Imports have received 27% more revenue this year than a year ago.
The ministry has said that domestic transactions, including the import of services, have also increased in the last month. There has been an 8% increase in collections from domestic transactions in December 2020 as compared to December 2019.
Economic recovery after Covid-19 has also led to an increase in GST collections.
Businesses are following the rules due to the campaigns across the country against GST piracy and fake bills. It has received more tax.
After settlement, the central government received 44 thousand 641 crore rupees
According to the Finance Ministry, the government has settled Rs 23 thousand 276 crore in CGST as a regular settlement from IGST. At the same time, 17 thousand 681 crore rupees were settled in SGST. After all the regular settlements, in December 2020, the Center has received Rs 44 thousand 641 crore as CGST and the state governments got 45 thousand 485 crore as SGST.
The Finance Ministry says that there has been significant growth in December as against Rs 1 lakh 4 thousand 963 crore in November. In the last 21 months, this time has been the highest growth compared to the previous month.
Only 5 months in 2020 collection exceeded 1 lakh crore rupees
In the calendar year 2020, the GST collection has crossed Rs 1 lakh crore in just five months. These include two months before the Covid-19 and three months after the unlock. According to the data of the Finance Ministry, the highest GST collection in January 2020 was 1, 10, 10 thousand 828 crores. In the following month, in February, there was a collection of 1 lakh 5 thousand 366 crore. The collection in October, November, and December after the unlock has been Rs 1 lakh crore.
Lowest collection in April
The GST collection was affected by the lockdown imposed due to Covid-19 in March and it was reduced from Rs 1 lakh crore to Rs 97 thousand 597 crore. The lowest GST collection was Rs 32 thousand 172 crore in April. However, there has been continuous improvement in the GST collection after this.
Annual return filing date extended for FY 2019-20
The Center has extended the date of annual return filing for the financial year 2019-20. According to the Central Board of Direct Taxes (CBIC), annual returns for the financial year 2019-20 can be filed by 28 February 2021. To date, the deadline was 31 December 2020.
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