GST collection crosses ₹1 lakh crore in October 2020
By MYBRANDBOOK
The finance ministry has said, GST collections in October stood at over ₹1.05 lakh crore, crossing for the first time ₹1 lakh crore mark since February this year.
The Goods and Services Tax (GST) collections fell from the psychologically important ₹1 lakh crore mark as the lockdown imposed to contain the COVID-19 spread dented economic activity.
The gross Goods and Services Tax(GST) revenue collected in the month of October, 2020 is ₹ 1,05,155crore of which CGST is ₹ 19,193 crore, SGST is ₹ 25,411 crore, IGST is ₹ 52,540 crore (including ₹ 23375crore collected on import of goods) and Cess is ₹ 8,011crore (including ₹932 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of October upto 31October, 2020 is 80 lakh. The GST collection was ₹95,480 crore in September. 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. 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.
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