Goods and Services Tax (GST) collection in the month of November was Rs 1.05 Lakh crore just slightly less than the month of October. The gross GST revenue collected in the month of November 2020 is ₹ 1,04,963 crore of which CGST is ₹ 19,189 crore, SGST is ₹ 25,540 crore, IGST is ₹ 51,992 crore (including ₹ 22,078 crore collected on import of goods) and Cess is ₹ 8,242crore (including ₹ 809 crore collected on import of goods).
The total number of GSTR-3B Returns filed for the month of November up to 30th November 2020 is 82 lakhs. If we surpass over Rs 1,30,000 crore in December 2020 and January 20201, we can confidently say that we have reached an economic rebound to pre-COVID-19 days.
In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4% higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 4.9% higher and the revenues from the domestic transaction (including import of services) are 0.5% higher than the revenues from these sources during the same month last year, said the Government of India in the press release.
The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of November 2020 as compared to November 2019.
Abhishek is the founder of Above Stocks. He manages the News section of our site. Having learned the art of Stock Trading, he is always keen to know the latest updates in the Indian Stock Market and put it down in our news section.