GST mop-up at Rs1.30trn in October
2nd highest collection since launch in July 2017
image for illustrative purpose
New Delhi: India's Goods and Services Tax (GST) collection surged to Rs1.30 lakh crore in October, the second highest since its implementation in July 2017, indicating economic recovery from the Covid-19 pandemic and impact of festive demand, a finance ministry statement said on Monday. The highest GST collection of Rs1.41 lakh crore was recorded in April 2021. This is the fourth time in a row when the GST collection was upwards of Rs 1 lakh crore.
The collection from GST was Rs 1.17 lakh crore in September, 2021. Tax collections last month on goods sold and services rendered was 24 per cent higher than in October 2020, and up 36 per cent over 2019-20. "The gross GST revenue collected in the month of October 2021 is Rs 1,30,127 crore of which CGST is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore (including Rs 32,998 crore collected on import of goods) and Cess is Rs 8,484 crore (including Rs 699 crore collected on import of goods)," the statement said.
CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax) and IGST (Integrated Goods and Services Tax). The increase is very much in line with the trend in economic recovery and this is also evident from the trend in the e-way bills generated every month since the second wave.
