Mumbai: The new year has begun with a big bang for the buck, as 2020 departed leaving behind a bonanza for the exchequer. The GST revenue collection in December 2020 was reported at a whopping Rs 1, 15, 174 crore, the highest amount since the introduction of the new tax regime in 2017. It is also for the first time that GST revenue collection was above Rs 1.15 lakh crore. The collection in December was more than last month’s Rs 1, 04, 963 crore, a rise of 9.72 per cent and 12 per cent higher than in the same period in 2019.
GST revenues have crossed the Rs 1.1 lakh crore-mark three times since inception. This is the third month in a row in 2020-21, with the economy having been showing signs of recovery as the pandemic seems to be on the wane. The average growth in GST revenues during the last quarter has been 7.3 per cent, as compared to (-) 8.2 per cent during the second quarter and (-) 41.0 per cent during the first quarter of the financial year.
The finance ministry has attributed the increase in GST revenue collection to a nation-wide drive against GST evaders and fake bills. It was also due to many systemic changes introduced recently, which have led to improved compliance.
Maharashtra continues to top the list for collection, raking in Rs 17,699 crore in December 2020 as against Rs 15,001 crore in 2019, an increase of a record 17.98 per cent . In October, the state’s GST revenue collection was Rs 15,799 crore against Rs 15,109 cr in October 2019 (5 per cent), in September 2020, it was Rs 13,546 crore as against Rs 13,579 crore in September 2019 (o per cent), in August, Rs 11,602 crore as against Rs 13,407 crore (minus 13 per cent), in July, Rs 12,508 crore as against Rs 15,102 crore (minus 17 per cent) and in June, Rs 14,987 crore as against Rs 15,143 crore (minus 1 per cent).
A State finance department official said that the rise in GST collection also showed that the Maharashtra economy is recovering. ‘‘With further reopening of industry and businesses, GST collections will further increase and it will help reduce the revenue shortfall that arose due to the lockdown and pandemic,’’ he noted.