Business

GST Collections Surge To Rs 1.30 Lakh Crore In October


In September, the gross GST collections stood at Rs 1,17,010 crore.

New Delhi: The goods and services tax (GST) mop-up for the month of October stood at over Rs 1.30 lakh crore, 24 per cent higher than the GST revenues in the same month last year. In September, the gross GST collections stood at Rs 1,17,010 crore.

“The GST revenues for October have been the second-highest ever since introduction of GST, second only to that in April 2021,” the Ministry of Finance stated in a release.

“The gross GST revenue collected in the month of October 2021 is Rs 1,30,127 crore of which CGST is Rs 23,861 crore, State GST is Rs 30,421 crore, Integrated GST is Rs 67,361 crore (including Rs 32,998 crore collected on import of goods) and Cess is Rs 8,484 crore (including Rs 699 crore collected on import of goods),” the Ministry said.

“The government has settled Rs 27,310 crore to Central GST and Rs 22,394 crore to SGST from IGST as regular settlement. The total revenue of Centre and the states after regular settlements in the month of October 2021 is Rs 51,171 crore for CGST and Rs 52,815 crore for the SGST,” the release added.

In October, the Ministry said, revenues from import of goods were 39 per cent higher and the revenues from domestic transactions (including import of services) were 19 per cent higher against the same period last year.

The Ministry also said that the figures are “very much in line with the trend in economic recovery.”

However, it further mentioned that “the revenues would have still been higher if the sales of cars and other products had not been affected on account of disruption in the supply of semi-conductors.”



Source link