GST collections of Rs 1.3 lakh crore in October is second-highest so far

According to a finance ministry statement released on Monday, India's Goods and Services Tax (GST) collection increased to Rs 1.30 lakh crore in October, the second-highest since its commencement in July 2017, suggesting economic rebound from the COVID-19 pandemic and the influence of festive demand. In April 2021, the highest GST collection of Rs 1.41 lakh crore was recorded. This is the fourth year in a row that GST revenue has exceeded Rs 1 lakh crore. In September 2021, the GST collection was Rs 1.17 lakh crore.

Last month, tax collections on goods sold and services rendered were 24 percent higher than in October 2020, and 36 percent more than in 2019-20. "The gross GST revenue collected in October 2021 is Rs 1,30,127 crore, of which CGST is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST 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)," according to the statement. CGST is for Central Goods and Services Tax, SGST stands for State Goods and Services Tax, and IGST stands for Import Goods and Services Tax (Integrated Goods and Services Tax).

The growth is in accordance with the general trend of economic recovery, as seen by the monthly trend in e-way bills generated since the second wave. It noted that revenues would have been greater if sales of vehicles and other products had not been hampered by the disruption in semiconductor supply.

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