Reportedly the nda government's booster shots for the economy and the festival period seem to have triggered a step-up in Goods and services Tax (GST) collection in the month of November. The revenue generated crossed Rs 1 lakh crore mark after three consecutive months of sub-Rs 1 lakh crore collections deepening the assessment that the economy was in the midst of a slowdown.
Meanwhile as per data released by the Ministry of Finance, the GST collection in november 2019 was Rs 1,03,492 crore. Out of this CGST was Rs 19,592 crore, IGST collections stood at Rs 49,028 crore (including Rs 20,948 crore collected on imports), SGST at Rs 27,144 crore, and cess collection was at Rs 7,727 crore (this includes Rs 869 crore collected on imports). Furthermore the return of collections in the above Rs 1 lakh crore range indicates a 6 per cent growth in the GST revenue over the corresponding month last year. Since the GST regime kicked in from July 2017, the earlier two highest collections made were in april 2019 (Rs 1.13 lakh crore) and in march 2019 (Rs 1.06 lakh crore). In the same period, this is the 8th time an above Rs 1 lakh crore collection has been recorded.
Moreover this is good news for the government which is facing a serious revenue shortfall. The government of India's fiscal deficit surpassed the annual target within the first seven months of the current financial year. India's fiscal deficit in the first seven months through october stood at Rs 7.2 trillion ($100.32 billion), or 102.4 per cent of the budgeted target for the current fiscal year, and the net tax receipt in the April-October period was Rs 6.83 trillion, while total expenditure was Rs 16.55 trillion.
