GST collection surges to Rs 1.30 lakh crore in October, 2nd highest since implementation

New Delhi: Goods and Services Tax (GST) collection remained above Rs 1 lakh crore for the fourth month in a row at over Rs 1.30 lakh crore in October. This is the second highest collection of GST since its implementation on July 1, 2017.

"The GST revenues for October have been the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues," Ministry of Finance said. 

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 government has settled Rs 27,310 crore to CGST and Rs  22,394 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of October 2021 is Rs  51171 crore for CGST and Rs  52,815 crore for the SGST.

The revenues for the month of October 2021 are 24% higher than the GST revenues in the same month last year and 36% over 2019-20. During the month, revenues from import of goods was 39% higher and the revenues from domestic transaction (including import of services) are 19% higher than the revenues from these sources during the same month last year.

“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 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. Chart 1 shows the upward trend in number of e-way bills generated during the month and the amount of taxable value clearly indicating the recovery in economic activity,” said an official statement.