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GST Collection October 2021: GST collection surges to Rs 1.30 lakh crore in October, second-highest ever | India Business News


NEW DELHI: India’s goods and services tax (GST) revenue collected for the month of October is second highest since implementation of the tax regime in 2017, an official release by the ministry of finance said on Monday. GST collection for October stood at Rs 1,30,127 crore. The government had recorded its highest ever collection of GST in April 2021 at Rs 1,41,384 crore. The revenues for October are 24 per cent higher than the GST revenues in the same month last year and 36 per cent more than 2019-20. “This is very much in line with the trend in economic recovery. 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 semiconductors,” the government noted. During the month, revenues from import of goods was 39 per cent higher and the revenues from domestic transaction (including import of services) are 19 per cent higher than the revenues from these sources during the same month last year, the release said. Of the total amount, 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). Centre attributes the rise in GST revenue to robust recovery in economic activities, increased compliance over previous months and upward trend in GSTR filing. An upward trend was witnessed in number of e-way bills generated during the month. “The amount of taxable value clearly indicating the recovery in economic activity,” the government said. It further noted that the revenues were also aided due to the efforts of the state and Central tax administration resulting in increased compliance over previous months. “Number of returns (GSTR-3B) of every month/quarter by the end of next month is a good parameter indicating timely payment of returns and filing of returns,” it added. The number of GST returns filed till the end of September has also seen an upward movement. This indicates that the timely payment of taxes has been increasing over a period of time due to policy measures and administrative efforts, the government said. In July, 1.5 crore returns were filed as taxpayers submitted returns of past months taking benefit of the relaxation given due to Covid. By September, almost 81 per cent taxpayers had filed GSTR-1.


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