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GST collection in October crosses Rs 1 lakh crore for the primary time in 8 months

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GST collection in October crosses Rs 1 lakh crore for the primary time in 8 months

GST collection in October

GST collection in October crosses Rs 1 lakh crore for the primary time in 8 months

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The data for brand spanking new Delhi Goods and Services Tax (GST) collection stood at Rs 1.05 lakh crore in October. For the primary time since February, the GST collection has crossed Rs 1 lakh crore. This information was given by the Finance Ministry on Sunday. The Finance Ministry said that the entire number of GSTR-3B returns filed till October 31, 2020, has reached 80 lakhs.

A statement issued by the Finance Ministry said that the entire GST collection in October 2020 stood at Rs 1,05,155 crore. This includes CGST’s share of Rs 19,193 crore, SGST’s Rs 5,411 crore, IGST’s Rs 52,540 crore (including a collection of Rs 23,375 crore on import of goods), and cess of Rs 8,011 crore (Rs 932 crore on imported goods).

The GST collection in October 2020 is 10 percent above an equivalent month within the previous year. The GST collection stood at Rs 95,379 crore in October 2019. Thanks to the lockdown imposed to stop the spread of the Covid-19 pandemic, the GST collection data remained below the extent of Rs 1 lakh crore for several consecutive months.

Excellent news has come on the GST front for the Modi government. The GST collection has crossed Rs 1 lakh crore in October 2020. In October, GST of quite 1.05 lakh crore rupees has arrived. Within the current fiscal year, GST collection figures have crossed Rs 1 lakh crore for the primary time. Earlier in February 2020, the GST collection crossed Rs 1 lakh crore. This information has been revealed within the statement issued by the Finance Ministry. Aside from this, the revenue received in October 2020 is nearly 10% above the GST of Rs 95379 crore in October last year.

According to the Finance Ministry, the gross GST revenue collection in October 2020 stood at Rs 1,05,155 crore. This included CGST of Rs 19,193 crore, SGST of Rs 5411 crore, IGST of Rs 52540 crore (including Rs 23,375 crore on goods imported), and Cess of Rs 8011 crore (including Rs 932 crore on goods imported). is. At an equivalent time under GST, 80 lakh GSTR-3B returns are made thus far in October.

Statistics associated with GST and GST collection crossed
1 lakh crore rupees just one occasion in 2017-18 – Only 4 times GST collection crossed Rs 1 lakh crore in 2018-19
During the year 2019-20 till December, only 5 times crossed 1 lakh crore rupees GST Collection
Month in 2020-21 – Rs 43,000 crore in April – Rs 70,000 crore in May – Rs 90,917 crore in June

Learn second-quarter figures –
87,422 crores in July
86,449 crores in August
95,480 crores in September

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Anurag Srivastva
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