GST Collection For November Jumps to Rs 1.03 Lakh Crore, Signals Possible Recovery From Economic Slowdown
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New Delhi, December 1: In what could emerge as a signal of possible recovery from the ongoing economic slowdown, the Finance Ministry has recorded a significant upswing in tax collection last month. A statement issued by the Ministry on Sunday said the gross revenue through Goods & Services Tax (GST) collections jumped to Rs 1.03 lakh crore. This is the third time since the rollout of GST that the monthly collection has crossed the Rs 1 trillion-mark.
Out of the total Rs 1,03,492 crore collected last month, the maximum was accumulated from IGST - Rs 49,028 crore - followed by SGST - Rs 27,144 crore. Through CGST, a revenue of Rs 19,592 crore was collected, followed by Rs 7,727 crore in Cess. GST Cannot be 'Damned' Now Despite Possible Flaws, Says Finance Minister Nirmala Sitharaman; Watch Video.
The Rs 1.03 lakh crore GST collection comes after three months of decline. In August, the GST collection had slipped to Rs 98,202 crore, followed by Rs 91,916 crore in September. The latter was worst-ever GST collection since February 2018.
Signs of recovery were witnessed in October, when the collections bounced to Rs 95,380 crore. Despite a significant recovery vis-a-vis September, the numbers marked a whopping 5.3 percent decline on year-on-year basis.
With the GST collections now reaching the Rs 1.03 lakh crore-mark, officials in the Finance Ministry have expressed optimism that the cycle of consumption in the Indian market -- down since first quarter of this fiscal -- would be rejuvenated.
The positive numbers also come two days after the Central Statistics Office released the Gross Domestic Production (GDP) growth rate for the July-September quarter. The numbers rang alarm bell across the nation, with the growth rate decelerating to 4.5 percent, which is the slowest since 2013.