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The highest ever collection of Tk 1.15 lakh crore after the implementation of GST

The pace of recovery has begun to show in the economy after the lockdown was lifted. Its direct effect was also on the revenue of Goods and Services Tax (GST). A record GST collection of Rs 1.15 lakh crore was recorded in December 2020, the highest since the new tax was introduced. This is 12 percent more than in December 2019.

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In December, the revenue was Rs 1,11,174 crore, which is ten per cent more than in November. Increase in GST collection Maximum monthly recovery in 21 months. According to the Ministry of Finance, the maximum collection of GST implemented in July 2017 was Rs 1,13,866 crore in April 2019.

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For the third month in a row, GST has collected more than one lakh crore rupees. According to the finance ministry, the record increase in tax collection is the result of the combined effects of lockdown, nationwide campaign against GST fraud and rapid economic reforms following a number of systematic changes. Note that due to the nationwide lockdown in April 2020, the GST recovery was only Rs 32,122 crore.

27 percent more income than imports

In December, GST collected 2 percent more revenue from imports of goods. Domestic transactions (including service imports) are taxed at eight percent more than last year. At the same time, central GST was Rs 21,365 crore, state GSI was Rs 27,804 crore and consolidated GST was Rs 57,426 crore. This includes imports of goods worth Rs 27,050 crore.

During this period, Rs 8,579 crore came from income tax. Besides, the government has given CGST and SGST as settlement of Rs 23,2668 crore and Rs 1668681 crore respectively under IGST. The central and state governments have earned Rs 44,41 crore from CGACT and Rs 45,445 crore from SGST since the regular settlement in December.

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