The Goods and Services Tax (GST) revenue collection stood at Rs 1,31,526 crore in the month of November. The GST collection for the month of November has crossed the collection figure for the month of October last, which is the second highest since the implementation of GST.
According to the data released by the Finance Ministry on Wednesday, the GST collection for November, 2021 at Rs 1,31,526 crore has broken the record set in October. The total GST collection in the month of October stood at Rs 1,30,127 crore. Last month, the spurt in demand due to the festive season was clearly visible on the GST collection, which is continuing till now.
According to ministry data, the share of CGST in GST revenue collection stood at Rs 23,978 crore. The share of IGST stood at Rs 66,815 crore and the share of states i.e. SGST was Rs 31,127 crore. In IGST, Rs 32,165 crore was on import, while Rs 9,607 crore remained as cess. The GST revenue collection in November this year was 25 per cent higher as compared to Rs 1.04 lakh crore in November last year, while it was 27 per cent higher as compared to November of the financial year 2019-20.
It is noteworthy that GST was implemented in July 2017. Since then, the highest GST revenue collection has been Rs 1.41 lakh crore. This record was in April this year. In fact, last week analysts and the Central Board of Direct Taxes had predicted that the GST collection in November may break records.