Annoyed by the ads? Install the Divya Bhaskar app to read the news without ads
Bombay 10 days ago
There is good news on the first day of the new year. The collection of the Goods and Services Tax (GST) in December 2020 was Rs 1,15,174 crore due to the continuous improvement in economic activities. This is the highest collection since the introduction of the GST in the country since July 2017. The previous record was Rs 1.14 lakh crore, in April 2019. 1 lakh 5 thousand 155 crore came from the GST in October 2020 and 1 lakh 4 thousand 963 crore in November. The finance ministry says collection has also increased due to a nationwide campaign against GST theft and bogus invoices.
Improve the economy
Ahmedabad CA Karim Lakhani said that after Korona the economy is improving now and this is reflected in the GST figures. At the same time, the government announced schemes for small business owners and relaxed the GST rules. This also leads to an increase in collection. It remains to be seen to what extent the collection of the GST will remain at this level in the future. Figures released today also include old arrears.
More than Rs 1 lakh crore collection in just 5 months in 2020
Due to the Covid-19 outbreak and the lockdown, GST collection in 2020 alone was over Rs 1 crore. According to the Ministry of Finance, collection in January 2020 was Rs 1 lakh 10 one thousand 828 crore. The following month, in February, it was Rs 1 lakh 5 thousand 366 crore. After unlocking, the collection in October, November and December was over one lakh crore rupees.
The lowest collection was in April
Due to the lockdown imposed due to Covid-19, GST collection began to decline from March. This month the collection has fallen from Rs 1 lakh crore to Rs 97,597 crore. In April, it was only 3,172 crore rupees, the lowest collection ever, although it has steadily improved since May.
Three main reasons for the increase in GST collection
According to the Ministry of Finance, revenues in December 2020 were 12% higher than a year ago. Imports increased in December 2020. Compared to a year ago, imports generated 27 percent more revenue this year. Campaigns across the country against GST evasion and bogus invoices have resulted in higher taxes.
Declines from April to May can be offset
This TPS record was set at a time when the situation has not yet returned to normal due to Covid-19. CII Chamber of Industry chief executive Chandrajit Banerjee said the situation was now returning to normal. The increased collection of import taxes means industries are now recovering quickly after the lockdown slowed. MS, Senior Director, Deloitte India Consulting Firm. According to Money, demand in the economy is steadily increasing. The drop in GST collection in the first few months of the fiscal year, especially in April and May, will be more than offset from January to March. GST collection from April to December was 14% lower.
As of December 1, 87 lakh GSTR-3B statements have been filed
According to the Ministry of Finance, Rs 21,365 crore was received from CGST, Rs 27,804 crore from SGST and Rs 57,426 crore from IGST in December. IGST also includes Rs 27,050 crore from imports of goods. Apart from this, Rs 8579 crore was received as cess. It also includes an amount of Rs 971 crore on imported products. According to the ministry, 87 statements of lakh GSTR-3B have been filed for the month of November to December 31, 2020.
Extension of the filing date of the annual return for the 2019-2020 fiscal year
The Center has extended the date for filing the annual declaration for the 2019-2020 fiscal year. According to the Central Commission on Indirect Taxes (CBIC), the annual return for the 2019-20 fiscal year can be filed until February 2021. Previously, the last date for this was December 31, 2020.