GST collection surpasses Rs 1 lakh crore in October for first time since Feb

The Finance Ministry on Sunday stated that the GST collection for the month of October for the first time crossed the Rs 1 lakh crore mark since February this year.

In the month of October 2020, gross GST revenue collected 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 Finance Ministry stated in a statement.

The total number of GSTR-3B Returns filed for the month of October upto October 31, 2020, is 80 lakh.

The revenues for the month are 10% higher than the GST revenues in the same month last year. 

During the month, revenues from import of goods was 9% higher and the revenues from domestic transaction (including import of services) are 11% 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. 

The total revenue earned by Central Government and the State Governments after regular settlement in the month of October, 2020 is ₹ 44,285 crore for CGST and ₹ 44,839 crore for the SGST.