Business Today
Loading...

Rs 1.05 lakh crore GST revenue collected in October; 10% higher than previous year

GST revenue collection October: Out of the gross GST revenue, CGST amounted to Rs 19,193 crore and SGST Rs 52,540 crore including Rs 23,375 crore collected on import of goods

twitter-logoBusinessToday.In | November 1, 2020 | Updated 12:04 IST
Rs 1.05 lakh crore GST revenue collected in October; 10% higher than previous year
GST collection for October crosses Rs 1 lakh crore

The Ministry of Finance said on Sunday that the gross GST revenue collected in the month of October amounted to Rs 1,05,155 crore, 10 per cent higher than the GST revenue in the same month last year. The government said that the October collection was better than the preceding months of July, August and September and hence shows a recovery of the economy.

Out of the gross GST revenue, CGST amounted to Rs 19,193 crore and SGST Rs 52,540 crore including Rs 23,375 crore collected on import of goods. The ministry said that cess amounted to Rs 8,011 crore, including Rs 932 crore collected on import of goods. Around 80 lakh of GSTR-3B returns were filed for the month of October, the ministry stated. 

The government said that the GST revenue for October was 10 per cent higher than what was collected in October last year. "During the month, revenues from import of goods was 9 per cent higher and the revenues from domestic transactions (including import of services) are 11 per cent higher than 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 per cent, -8 per cent and 5 per cent respectively clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues," stated the ministry.

The government has settled Rs 25,901 crore to CGST and Rs 19,427 crore to SGST from IGST as regular settlement, the ministry 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," it said.

Here's the state-wise break-up:

Also read: GST officers can arrest evaders without completion of assessment: Gujarat High Court

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close