India’s Monthly GST revenue crossed 1 lakh mark for the first time in FY20-21

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New Delhi : India’s monthly GST collection has crossed the crucial 1 lakh mark in October 2020. This is also for the first time in the current financial year the monthly GST collection is above the one lakh mar.

As per the data released by the Finance Ministry, the October GST revenue has increased to 1,05,155 lakh crore from Rs.95480 Crore in September. This GST revenue is also 10% more than the October 2019 colelction.

Out of the 1.05 lakh crore, CGST is Rs. 19,193 crore, SGST is Rs. 25,411 crore, IGST is Rs. 52,540 crore (including Rs. 23375crore collected on import of goods) and Cess is Rs. 8,011crore (including Rs.932 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of October upto 31stOctober, 2020 is 80 lakh.

The government has settled Rs. 25,091 crore to CGST and Rs. 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 Rs. 44,285 crore for CGST and Rs. 44,839 crore for the SGST.

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.

 

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