GST collection crosses Rs 1 lakh crore mark for first time since Feb

Gross GST revenue collection for October came in at Rs 1,05,155 crore, as per a statement by the Ministry of Finance, crossing the Rs 1 lakh crore mark for the first time since February.

CGST accounted for Rs 19,193 crore of the revenue collected, SGST Rs 25,411 crore, IGST Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and Cess Rs 8,011 crore (including Rs 932 crore collected on import of goods). 80 lakh GSTR-3B returns were filed for October, the statement adds.

Total revenue earned by Centre and state govts after regular settlement in the month of October was Rs 44,285 crore and Rs 44,839 crore for CGST and SGST, respectively. Govt settled Rs 25,091 crore to CGST and Rs 19,427 crore to SGST from IGST.

GST revenues for October were 10 per cent higher than in the same month last year, with revenues from import of goods being 9 per cent higher and revenues from domestic transaction (including import of services) being 11 per cent higher.

“The growth in GST revenue as compared to that in months of July, August and September, 2020 of -14%, -8% and 5% respectively clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues,” it said.