GST revenue crosses Rs 1-lakh crore mark

Why is it in the news?
  • The gross GST (Goods and Services Tax) revenue collection for December 2019 has crossed Rs 1-lakh crore mark.
  • The rise has shown a 16% rise in revenue on year-on-year basis.
More in the news
  • It is for the ninth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs 1 lakh crore.
  • Collections:
(1) CGST (Central GST) amounts to Rs 19, 962 crore.
(2) SGST at Rs 26,792 crore.
(3) IGST recorded 48,099 crore.
(4) Cess for the month stands at Rs 8,331 crore (including Rs 847 crore collected on imports).
  • Causes:
(1) Tax analysts say the improvement reflects higher consumption during the festive season in November.
(2) The government’s increased focus on corporate compliance.

  • State-wise, Maharashtra recorded the highest GST collection for December at Rs 16,530 crore, followed by Karnataka and Tamil Nadu.
Source
The Hindu.
Posted by Jawwad Kazi on 2nd Jan 2020
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