GST collection at record-high of ₹1.15 lakh crore in December 2020



GST collections surged to an all-time high of over ₹ 1.15 lakh crore in December as economic activities picked up after lifting of stringent lockdown restrictions.

Mop-up from the Goods and Services Tax (GST), which is levied when a consumable item is sold or a service such as travel booking rendered, in December was 12 per cent higher than such receipts in the same month of 2019.

At ₹ 1,15,174 crore, the collections were 10 per cent more than the mop-up in the previous month, the biggest growth in monthly revenues in the last 21 months.

In a statement, the finance ministry said the December collections were the highest ever since the implementation of the nationwide tax in July 2017.

The previous best was in April 2019, when ₹ 113,866 crore was collected.

Confederation of Indian Industry(CII) Director General Chandrajit Banerjee said GST revenue growth shows that industry is bouncing back to normalcy.

“The increase in the revenue from import of goods indicates that Indian economy is on the fast track of growth now after a long dip because of the COVID lockdown,” he added.

GST revenues have topped ₹ 1 lakh crore in eight out of 12 months of 2019-20 fiscal. However, in the current fiscal, the revenues have taken a hit due to the COVID-19 pandemic. (PTI)