GST Collection: GST Collection Of 1.05 Lakh Crore Rupees In Nov

GST Collection: GST collection of 1.05 lakh crore rupees in November, Ministry of Finance gave information.

The Goods and Services Tax collection stood at over Rs 1 lakh crore in November as well. According to the Finance Ministry data, the government earned Rs 1,04,963 crore as Goods and Services Tax in November 2020.

In this, the government earned Rs 19,189 crore as CGST. At the same time, the government raised Rs 25,540 crore as SGST.

The government earned Rs 51,992 crore as IGST. At the same time, the government has earned Rs 8,242 crore through cess.

Earlier in October, Goods and Services Tax collection of Rs 1.05 lakh crore was done. November was the second consecutive month in the current financial year when GST collection was more than Rs 1 lakh crore.

In November this year, GST collection was 1.4 percent more than in November last year. GST collection of Rs 1,03,491 crore was recorded in November last year.

“As per the trend of recovery in GST revenue, the income from GST in November 2020 was 1.4 percent more than the same month of the previous year,” it said in a statement issued by the Finance Ministry.

During the financial year 2019-20, eight months out of 12 GST collections exceeded Rs 1 lakh crore. However, the impact of the lockdown in the current financial year has affected the GST earnings.

Rs 32,172 crore from GST in April, Rs 62,151 crore in May, Rs 90,917 crore in June, Rs 87,422 crore in July, Rs 86,449 crore.

In August, Rs 95,480 crore in September, Rs 1,05,155 crore in October, and 1 in November, GST collection of Rs 04,963 crore.

Economy on the path of development, economic activity continues to accelerate

The economic activity data in November has shown that the Indian economy is on the path of development. Last month, railway transportation, electricity consumption, and petrol sales increased for the third consecutive month with GST collection.

Maruti Suzuki, the largest car sales company in the country, is also in the process of increasing sales. The situation has also improved on the employment front.

Unemployment declined due to increased economic activity and the November unemployment rate reached its lowest level after September 2018.

According to the Center for Monitoring Indian Economy (CMII), the unemployment rate reached 6.51 percent in November.