Goods and Services Tax(GST) - GST collection revenue crosses Rs 1 lakh crore mark in November 2019

As per data released by the Ministry of Finance, the GST collection in November 2019 was Rs 1,03,492 crore.

Out of this CGST was Rs 19,592 crore, IGST collections stood at Rs 49,028 crore (including Rs 20,948 crore collected on imports), SGST at Rs 27,144 crore, and cess collection was at Rs 7,727 crore (this includes Rs 869 crore collected on imports)

The return of collections in the above Rs 1 lakh crore range indicates a 6 per cent growth in the GST revenue over the corresponding month last year.

Since the GST regime kicked in from July 2017, the earlier two highest collections made were in April 2019 (Rs 1.13 lakh crore) and in March 2019 (Rs 1.06 lakh crore). In the same period, this is the 8th time an above Rs 1 lakh crore collection has been recorded.

Gross GST revenue collected in October had slipped to Rs 95,380 crore. This amounted to a 5.3 per cent decline on a year on year basis, while September harvest was mere Rs 91,916 crore. The September collection was the lowest since February 2018. Similarly, tax collection in August stood at Rs 98,202 crore.