October GST collection at Rs 1.30 lk cr, 2nd highest since GST implementation

Gross Goods and service tax (GST) collection for the month of October came in at Rs 1,30,127 crore, the second-highest collection since GST was implemented in July 2017 & second only to GST revenues collected in April 2021. Revenues for the month are 24% higher year-on-year, the Finance Ministry said in a statement on Monday.

With this, GST collections have crossed the Rs 1 lakh crore mark for the fourth consecutive month. September GST collection was at Rs 1.17 lakh crore.

Of the gross GST revenue collected in October, Rs 23,861 crore was towards CGST, Rs 30,421 crore was towards SGST and Rs 67,361 crore was towards IGST. Cess amounted to Rs 8,484 crore, a government statement said. It is also worth noting that GST revenues in the month of October 2021 were 36% more than in October 2019.

Revenue from import of goods was up 39% compared to October 2020 while revenues from the domestic transaction (including import of services) were up 19% in the same period.

Further, the government says it has settled Rs 27,310 crore to CGST and Rs 22,394 crore to SGST from IGST as a regular settlement. Post this, the total revenue of the Centre and the states in October stood at Rs 51,171 crore for CGST and Rs 52,815 crore for SGST.

“This is very much in line with the trend in economic recovery. This is also evident from the trend in the e-way bills generated every month since the second wave,” the Finance Ministry said. “The revenues would have still been higher if the sales of cars and other products had not been affected on account of disruption in supply of semi-conductors,” it said.

(The one-stop destination for MSME, ET RISE provides news, views and analysis around GST, Exports, Funding, Policy and small business management.)

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