GST Collections November 2021
The GST revenue for the month of November 2021 was Rs 1,31,526 crores. This is the second highest collection since the introduction of GST in the country. The first highest collection was in April 2021.
- The CGST was Rs 23,978 crores.
- The IGST was Rs 66,815 crores. Of this Rs 32,165 crores was collected from the goods imported.
- The cess collected was Rs 9,606 crores. This includes Rs 653 crores from the imported goods.
- The high GST collection shows that country is line with economic recovery.
- The GST revenue collected for the month of November is 25% higher than the GST revenue of November 2020. And is 27% higher than GST revenue collected in November 2019.
The GST collection is high for the month of November because of the following initiatives:
- Enhancement of system capacity
- Auto population of returns
- Nudging non – filers after last date of filing of returns
- Blocking of E – way bills
- Passing of input tax credit for non – filers
Revenue Buoyancy – A concern in GST collection rise
- Revenue Buoyancy is the response of tax revenue to changes in economic drivers. It assesses the efficiency of tax system of a country. In simple terms, a tax is buoyant when the revenues increase by more than 1% for 1% increase in GDP.
- The GST revenue has been increasing after COVID-19. Thus, the revenue buoyancy is seen as a concern here.
- Also, the legally mandated compensation to states for revenue shortfall from implementation of GST ends in June 2022.
Category: Economy & Banking Current Affairs
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