GST collection crosses ₹1 lakh crore mark for first time since February, totals ₹1.05 lakh crore in October

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 finance ministry said on Sunday.

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 finance ministry said in a statement.

The GST collections 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. During the month, revenues from import of goods was9% higher and the revenues from domestic transaction (including import of services) are11% higher that 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.