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Wednesday 29 January 2020

GST collections soar above Rs 1 lakh crore again

There was a 124% annual jump in GST collection of Arunachal Pradesh: from Rs 26 crore in December 2018 to Rs 58 crore in December 2019

The year 2020 has brought relief to the Narendra Modi government amid all the negative news on the economy front. The goods and services tax (GST) collection has crossed Rs 1 lakh crore for the second consecutive month.

The GST collection in December was Rs 1,03,184 crore. Earlier in November, the GST collection was worth a total of Rs 1,03,492 crore. The collection had gone down before that: Rs 95,380 crore in October and Rs 91,916 crore in September 2019.

A comparative study makes it clear that there has been a total increase of 16% in GST collection. This is an annual increase. There was a 124% jump in the collection of Arunachal Pradesh. This figure was Rs 26 crore in December 2018; it reached a total of Rs 58 crore in December 2019.

Highlights

* Economy looking up: GST collection crosses Rs 1 lakh crore

* GST collection in December was worth Rs 1,03,184 crore

* Among the states, Arunachal Pradesh saw the highest percentage-wise rise in the collection: 124%

Nagaland saw the collection rise by 88%. There was Rs 17 crore worth GST collection in December 2018 while, by December 2019, this figure reached Rs 31 crore.

An approximately 40% higher collection has been reported in Jammu and Kashmir.

The collection had fallen by 2.7% in September while it fell by 5.3% in October. At the central level, the total collection in November was Rs 19,592 crore. There was Rs 27,144 crore worth of GST collected at the state level. Integrated GST was worth Rs 49,028 crore, which included a share of Rs 20,948 crore from imports. A total cess of Rs 7,727 crore is included in the sum. The total number of GSTR 3B returns filed for October up to November 30 was 77.83 lakh.

In December, according to IDST Imports, there has been a 9% increase in the total revenue. This figure is from December 2018 to December 2019. Though a negative growth of 10% was seen according to IGST import, by November, it showed improvement. October saw a 20% dip in the collection.

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