GST collections in December touched an all-time record
- IndiaGlitz, [Friday,January 01 2021]
The GST Revenue collection for December 2020, as revealed today by the Union Ministry of Finance, was at an all-time high. The amount collected is the highest since the implementation of GST in July 2017.
The gross GST revenue collected in the month of December 2020 is Rs 1,15,174 Cr, an official note from the Ministry said on Friday.
The high GST figures show that the business in November saw a huge uptick. November was when Diwali was celebrated and festival-time expenditure saw a spike. As per a report, the December collections are the fourth straight month of higher GST collection over the corresponding months of 2019.
The Finance Ministry has attributed the record figures to two factors:
1. Rapid economic recovery after months of a slowdown due to the lockdown-induced downturn.
2. A drive by the government against GST evaders and individuals generating fake bills along. A number of systemic changes have been adopted to weed out fake invoices.