GST Revenue Collection Crosses 1 lakh Crore for October 2020, for first time in 8 months - Finance Ministry

GST Revenue Collection Crosses 1 lakh Crore for October 2020, for first time in 8 months - Finance Ministry

Finance Ministry: The gross GST (Goods and Services Tax) revenue collection for October 2020 has crossed ₹ 1-lakh crore, for first time in 8 months.

The gross GST revenue collected in the month of October, 2020 is ₹ 1,05,155 crore of which CGST is ₹ 19,193 crore, SGST is ₹ 25,411 crore, IGST is ₹ 52,540 crore (including ₹ 23375crore collected on import of goods) and Cess is ₹ 8,011crore (including ₹932 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of October upto 31stOctober, 2020 is 80 lakh.

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The government has settled ₹ 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 ₹ 44,285 crore for CGST and ₹ 44,839 crore for the SGST.

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 was9% higher and the revenues from domestic transaction (including import of services) are11% higher that the revenues from these sources during the same month last year. 

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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.