GST collection touches 8 month high of over Rs One lakh crore in October

Finance Ministry has said that 1 lakh 5 thousand 1 hundred 55 crore rupees of gross GST revenue has been collected in the month of October this year. Out of the gross GST revenue collected CGST is 19 thousand 1 hundred 93 crore rupees, SGST is 25 thousand 4 hundred 11 crore rupees, IGST is 52 thousand 5 hundred 40 crore rupees including 23 thousand 3 hundred 75 crore rupees collected on import of goods and Cess is 8 thousand and 11 crore rupees including 932 crore rupees collected on import of goods.

The total number of GSTR-3B Returns filed for the month of October upto yesterday is 80 lakh. The government has settled 25 thousand 91 crore rupees to CGST and 19 thousand 4 hundred 27 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 thousand 2 hundred 85 crore for CGST and 44 thousand 8 hundred 39 crore rupees for the SGST. The revenues for the month are 10 per cent higher than the GST revenues earned in October last year, Finance Secretary AB Pandey said.

During the month, revenues from import of goods was 9 per cent higher and the revenues from domestic transaction including import of services are 11 per cent 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 this year of minus 14 per cent, minus 8 per cent and 5 per cent clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues. Dr. Pandey said the interventions of the government have led to a positive growth trajectory.