Team New Riveting
New Delhi, November 1
The Goods and Services Tax (GST) collections in October crossed Rs 1 lakh crore for the first time since February this year.
According to finance ministry statement, the gross GST revenue collected in the month of October, 2020 stood at Rs 1,05,155 crore of which CGST was Rs 19,193 crore, SGST Rs 25,411 crore, IGST Rs 52,540 crore (including Rs 23375crore collected on import of goods) and Cess was Rs 8,011crore (including ?932 crore collected on import of goods).
The total number of GSTR-3B Returns filed for the month of October till October 31, 2020 is 80 lakh.
The government has settled Rs 25,091 crore to CGST and ? 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.
The revenues for the month are 10 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 9 per cent higher and the revenues from domestic transaction (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.
The chart shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of October, 2020 as compared to October, 2019 and for the full year.
