GST collection crosses Rs 1 lakh crore mark in October

The Goods and Services Tax (GST) collections in October stood at over Rs 1 lakh crore mark, the finance ministry said on Sunday.

Since February this year, GST collections crossed Rs 1 lakh crore mark for the first time. The collections had fallen due to the lockdown imposed to contain the COVID-19.

According to the Ministry of Finance, the gross GST revenue collected in the month of October, 2020 is ₹ 1,05,155 crore of which CGST is ₹ 19,193 crore, SGST is ₹ 25,411 crore, IGST is ₹ 52,540 crore (including ₹ 23375 crore collected on import of goods) and Cess is ₹ 8,011 crore (including ₹932 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of October upto 31stOctober, 2020 is 80 lakh.

The government has settled ₹ 25,091 crore to CGST and ₹ 19,427 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of October, 2020 is ₹ 44,285 crore for CGST and ₹ 44,839 crore for the SGST.

“The revenues for the month are 10% higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 9% higher and the revenues from the domestic transaction (including import of services) are 11% higher than the revenues from these sources during the same month last year. 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,” Ministry of Finance said in a statement.