GST collection crosses Rs 1 lakh cr in October for first time since February

The October GST collection stood at over Rs 1.05 lakh crore, for the first time breaching the Rs 1 lakh crore mark this year since February.

New Delhi: The GST collection for the month of October for the first time crossed the Rs 1 lakh crore mark since February this year, the finance ministry said on Sunday. The collection stood at over Rs 1.05 lakh crore. 

The total number of GSTR-3B returns filed till October 31, 2020, is 80 lakh.

The gross GST revenue collected in the month of October 2020 is Rs 1,05,155 crore of which CGST is Rs 19,193 crore, SGST is Rs 5,411 crore, IGST is Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess is Rs 8,011 crore (including Rs 932 crore collected on import of goods), the ministry said in a statement.

The revenue for the month is 10 per cent higher than Rs 95,379 crore collected in the same month last year.

During the month, revenues from import of goods were 9 per cent higher and the revenues from domestic transaction (including import of services) were 11 per cent higher than the revenues from these sources during the same month last year.

The Goods and Services Tax (GST) collections fell from the psychologically important Rs 1 lakh crore mark as the lockdown imposed to contain the COVID-19 spread dented economic activity.

The statement said that the growth in GST revenue as compared to that in months of July, August and September, 2020 shows the trajectory of recovery of the economy and, correspondingly, of the revenues.