Economy

The gross GST collection in November was Rs 1,31,526 crore, the second highest ever

In November, the total GST revenue collected was Rs 1,31,526 crore. This was a significant increase over the Rs 1.30 lakh crore collected in October.

The gross GST collection in November

The CGST component accounted for Rs 23,978 crore, the SGST component for Rs 31,127 crore, the IGST component for Rs 66,815 crore (including Rs 32,165 crore on imports of commodities), and the cess component for Rs 9,606 crore (including Rs 653 crore on import of goods).

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The gross GST collection in November surpassed Rs 1.30 lakh crore for the second month in a row.

According to data, revenues for November 2021 were 25 percent higher than the same month last year and 27 percent more than those seen in 2019-20.

November’s revenues are the second highest since the GST was implemented. In April of this year, the tax collected the biggest amount of money it has ever collected since it was implemented (over Rs 1.41 lakh crore).

“GST revenues for November 2021 were the second largest ever since the establishment of GST, second only to those in April 2021, which related to year-end revenues, and greater than previous month’s collection, which also included the impact of quarterly returns,” the ministry stated.

The administration stated that collections are in keeping with the overall trend of economic recovery.

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