GST Collections Cross Rs 1 Lakh Crore In October, First Time In 8 Months

The Goods and Services Tax (GST) collection in October was Rs 1.05 lakh crore, crossing the Rs 1 lakh crore mark for the first time since February this year, the finance ministry said on Sunday. The gross GST revenue collected in October stood at Rs 1,05,155 crore, out of which Central Goods and Service Tax (CGST) was Rs 19,193 crore and State Goods and Service Tax (SGST) was Rs 25,411 crore, the ministry said in a statement.

Integrated Goods and Service Tax (IGST) was Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess was Rs 8,011 crore (including Rs 932 crore collected on import of goods), the ministry added. The GST collection was Rs 95,480 crore in the previous month i.e. September.

The total number of GSTR-3B returns filed for the month of October stood at 80 lakh.

The revenue for October 2020 was 10 per cent higher compared to Rs 95,379 crore in the same month last year. During the month, revenues from import of goods were higher by 9 per cent and revenues from domestic transaction (including import of services) were 11 per cent higher that the same month last year.

The monthly Goods and Services Tax (GST) collections had slipped below the psychologically crucial Rs 1 lakh crore mark since February as the nationwide lockdown imposed to contain the COVID-19 pandemic eroded economic activity.