The gross Goods and Service Tax revenue collected in November stood at Rs 1,31,526 crore. The GST collection for November 2021 surpassed October's collection and also registered the second-highest since the implementation of the GST.
Revenues for November 2021 was 25 percent higher than the GST revenues in the same month last year and 27 percent over 2019-20.
Here are a few reasons behind the increase in GST revenue collections:
- Various policy and administrative measures to improve compliance
- Central tax enforcement agencies, along with State detected large tax evasion cases
- Cases relating to fake invoices, with the help of various IT tools developed by GSTN that use the return, invoice, and e-way bill data to find suspicious taxpayers
- Enhancement of system capacity, nudging non-filers after the last date of filing of returns, auto-population of returns, blocking of e-way bills, and passing of input tax credit for non-filers
- Consistent improvement in the filing of returns over last few months
GST, which subsumed indirect taxes like excise duty, service tax, and VAT, was rolled out from July 1, 2017.
On Tuesday, Finance Minister Nirmala Sitharaman said the Centre is committed to compensating states for five years for the revenue loss due to GST implementation as provided in the statute. The GST Constitutional Amendment Act provides for the centre compensating the state for five years for loss of revenue arising on account of implementation of the goods and services tax (GST) and during the transition period, the states' revenue is projected at 14 percent per annum over the base year revenue of 2015-16, she said.