GST collection crosses Rs 1 lakh crore mark in November (Photo Credit: PTI )
Amidst economic slowdown in India, the Goods and Services Tax (GST) collection has crossed Rs 1 lakh crore mark in November. As per government data released on Sunday, the gross GST revenue collected in the month of November 2019 is Rs 1,03,492 crore of which CGST is Rs 19,592 crore, SGST is Rs 27,144 crore, IGST is Rs 49,028 crore (including Rs 20,948 crore collected on imports) and Cess is Rs 7,727 crore (including Rs 869 crore collected on imports).
According to the government data, GST revenues witnessed an impressive recovery with a positive growth of 6 per cent in November 2019 as compared to November 2018 collections. This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs 1 lakh crore, reported Business Today. Also, November 2019 collection is the third-highest monthly collection since the introduction of GST.
This comes after the GST collection witnessed a massive dip for three consecutive months. Gross GST revenue collection in October stood at Rs 95,380 crore. In September and August, the GST collection stood at Rs 91,916 crore and Rs 98,202 crore, respectively.
It is worth mentioning here that in April this year, the GST collection was recorded Rs 1.13 lakh crore and in March, it was Rs 1.06 lakh crore.