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Rs 1,03,492 crore gross GST revenue collected in the month of November 2019

IBEF:  December 02, 2019

The gross GST revenue collected in the month of November, 2019 is Rs 1,03,492 crore (US$ 14.81 billion) of which CGST is Rs 19,592 crore (US$ 2.80 billion), SGST is Rs 27,144 crore (US$ 3.88 billion), IGST is Rs 49,028 crore (US$ 7.02 billion) (including Rs 20,948 crore [US$ 3 billion] collected on imports) and Cess is Rs 7,727 crore (US$ 1.11 billion) (including Rs 869 crore [US$ 0.12 billion] collected on imports). The total number of GSTR 3B Returns filed for the month of October up to 30th November 2019 is 77.83 lakh.

The government has settled Rs 25,150 crore (US$ 3.60 billion) to CGST and Rs 17,431 crore (US$ 2.49 billion) to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of November 2019 is Rs 44,742 crore (US$ 6.40 billion) for CGST and Rs 44,576 crore (US$ 6.38 billion) for the SGST.

After two months of negative growth, GST revenues witnessed an impressive recovery with a positive growth of 6 per cent in November 2019 over the November 2018 collections. During the month, the GST collection on domestic transactions witnessed a growth of 12 per cent, highest during the year. The GST collection on imports continued to see negative growth at (-)13 per cent but was an improvement over last month's growth of (-)20 per cent. This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs one lakh crore (US$ 14.31 billion). Also, November 2019 collection is the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019 collections.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.