New Delhi: Items and Companies Tax (GST) assortment grew 25 per cent to Rs 1.31 lakh crore in November, a Finance Ministry assertion stated on Wednesday. That is the second-highest assortment because the implementation of the tax regime.
“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 assertion stated.
For 5 months in a row, the GST assortment has been over Rs 1 lakh crore, indicating financial restoration.
In October 2021, the revenues collected have been Rs 1,30,127 crore. It was the best in April 2021 at Rs 1,39,708 crore.
“The GST revenues for November 2021 have been the second-highest ever since the 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,” the ministry stated.
Vivek Jalan, Associate, Tax Join Advisory Companies, a multidisciplinary tax consultancy agency, stated the “robust GST collection bandwagon keeps rolling”.
“Changes in the GST machinery provisions like blocking of GSTR-1 and e-way bills when even one GST return is not filed within time, suspending/cancellation of GST number when there is a mismatch between GST returns, blocking of Input Tax Credit of taxpayers where there is a ‘reason to believe’ that some suspicious activity is taking place, etc, have ensured that compliances under GST by the taxpayers have improved and with that the GST collection has also received a push,” Jalan stated.
“Increase in GST rates of textiles, solar panels, footwear, packaging materials, etc, including various circulars on supplies like mining, ice-creams clarifying that higher GST rates are applicable, have paved the way for a consistent increase in GST collections,” he additional stated.