GST Cached A Cut Across One Lakh Crore Rupees In October Since February

GST collected over one lakh crore this month

In October GST(Goods and Service Tax) collections were seen to be the highest in the financial year 2020-21 where the GST grossed up to Rs 1.05Lakh crore. It was also 10% higher than collections the government made in the same month of October last year which was standing at Rs 95,379 crore.

The Government of India had resolved rupees 25,091 crore to CGST and rupees 19,427 to SGST from IGST. The central and state governments total proceeds grossed after regular settlements in October at 44,285 crore rupees for CGST and 44,939 crore rupees for SGST.

The GST collections down turned from the intellectually dominant one lakh crore rupee mark as the lock-down was imposed to contain the COVID-19 spread. This move by the government dented the various economic activities.

In a statement issued on Sunday by the Department of Revenue it stated that the growth in numbers crossed one lakh crore rupees mark since April. “The growth in GST revenue as compared to that in the month 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” said the Department of Revenue.

The Goods and Service Tax collections made in the month of July, August and September this year settled at Rs 87,422 crore, 86,499 and Rs 95,480 crore respectively. The revenue from import of goods was 9 % higher during the month of October. The revenue for domestic transactions is 1% higher than the revenue from the sources during the same time of the month in the previous year.

Analysts said the quantum leap in the collection of almost Rs. 10,000 crore over the previous years exhibited ultimate re-establishment of consumption and festival expenditures across the economy of the country.