GST monthly collection crosses Rs 1 lakh crore first time in FY21

New Delhi: Goods and services tax (GST) revenue for October month scaled Rs1.05 trillion in October. This amount is  10.25%  higher than the revenue collected in the same month a year ago. The collection of October 2019 stood at Rs 95,379 crore.

The Ministry of Finance said, "The total revenue earned by Central Government and the State Governments after regular settlement in the month of October 2020 is Rs 44,285 crore for CGST and Rs 44,839 crore for the SGST."The ministry further added that the growth in GST revenue as compared to that in months of July, August and September 2020 of -14 percent, -8 percent and 5 percent respectively clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues.

The total number of GSTR-3B returns filed till October 31, 2020, is 80 lakh. The gross GST revenue collected in the month of October 2020 is Rs 1,05,155 crore of which CGST is Rs 19,193 crore, SGST is Rs 5,411 crore, IGST is Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess is Rs 8,011 crore (including Rs 932 crore collected on import of goods), the ministry said in a statement. Let us tell you that GST revenues had previously crossed the Rs 1 lakh crore mark in February 2020, when collections totalled 1,05,366 crore.

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