GST Collection Surges 25% YoY in Nov 2021; Second Highest Figure in 4 Years

  • Investing.com
  • Economy News
GST Collection Surges 25% YoY in Nov 2021; Second Highest Figure in 4 Years

By Malvika Gurung

Investing.com -- A total of Rs 1,31,526 crore has been collected as the gross GST revenue in November 2021, marking the second-highest revenue collection since the introduction of GST in 2017.

According to a press statement released by the finance ministry on Wednesday, the GST collection has exceeded Rs 1.30 lakh crore for the second straight month in Nov 2021.

The revenue for Nov 2021 is 25% higher on a YoY basis and 27% compared to the figure recorded in Nov 2019. Moreover, since the inception of GST, the revenue collected for Nov 2021 is the second-highest, after the Rs 1.41 lakh crore figure recorded in April 2021.

Of the Rs 1.31 lakh crore gross GST revenue collected in November, Rs 23,978 crore accounted for the CGST component, Rs 31,127 crore for SGST, Rs 66,815 crore for the integrated GST, and cess of Rs 9,606 crore. The collections made are very much in line with the trend in economic recovery, stated the finance ministry.

The rise in higher GST revenues is a result of an increasing number of initiatives taken by the government in the past year, like enhancing the system capacity, improving compliance with the system, and detecting large tax evasion cases, among others.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles