Economy

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

The entire GST revenue collected in November was Rs 1,31,526 crore. This was a huge rise above October’s collection of Rs 1.30 lakh crore.

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

For the second month in a row, the GST collections crossed Rs 1.30 lakh crore.

According to research, revenues in November 2021 were 25% higher than the same month the previous year and 27% higher than in 2019-20.

The month of November brought in the second-highest amount of revenue since the GST was instituted. In April of this year, the tax brought in the most money it has ever brought in since its inception (over Rs 1.41 lakh crore).

“GST revenues for November 2021 were the second highest ever since the GST was established, second only to those in April 2021, which linked to year-end revenues, and higher than the previous month’s collection, which also included the impact of quarterly returns,” the ministry said.

According to the government, collections are in line with the broader economic recovery trend.

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