New Delhi: The gross Goods and Service Tax (GST) revenue of Rs 1,31,526 crore collected in November is the second-highest since the implementation of GST, said the Ministry of Finance.
As per the release issued by the ministry, this includes Central Goods and Service Tax which is Rs 23,978 crore, State Goods and Service Tax which is Rs 31,127 crore and International Goods and Service Tax which is Rs 66,815 crore, Rs 32,165 crore collected on import of goods and Cess of Rs 9,606 crore (including Rs 653 crore collected on import of goods).
"The GST revenues for November have been the second-highest ever since the introduction of GST, second only to that in April 2021, which related to year-end revenues and higher than last month's collection, which also included the impact of returns required to be filed quarterly. This is very much in line with the trend in economic recovery, " reads the release.
"For the second straight month, gross GST collection crossed Rs 1.30 lakh crore. The revenues for the month of November 2021 are 25 per cent higher than the GST revenues in the same month last year and 27 per cent over 2019-20. During the month, revenues from import of goods were 43 per cent higher and the revenues from the domestic transaction (including import of services) are 20 per cent higher than the revenues from these sources during the same month last year," it added.
As per the release, the recent trend of high GST revenues has been a result of various policy and administrative measures that have been taken in the past to improve compliance. "Central tax enforcement agencies, along with the State counterparts have detected large tax evasion cases, mainly cases relating to fake invoices, with the help of various IT tools developed by GSTN that use the return, invoice and e-way bill data to find suspicious taxpayers," it said.
"A large number of initiatives undertaken in the last one year like enhancement of system capacity, nudging non-filers after the last date of filing of returns, auto-population of returns, blocking of e-way bills and passing of input tax credit for non-filers has led to consistent improvement in the filing of returns over the last few months," it added.
As per the data shared, the highest amount of tax is collected from Maharashtra (Rs 18,656 crore), followed by Gujarat (Rs 9,569 crore) and Karnataka (Rs 9,048 crore)....