GST monthly collection crosses Rs 1 lakh crore first time in FY21

GST revenue collections in October 2020 were Rs 1,05,155 crore, crossing the Rs 1 lakh crore mark for the first time after February 2020.
GST Collection Down
GST Collection Down

Goods and Services Tax (GST) collections in October 2020 were Rs 1.05 lakh crore, making it the first time monthly revenues crossed the Rs 1 lakh crore mark in FY21.

The GST revenue collections for the month were Rs 1,05,155 crore, which is 10 percent higher than October 2019, the Ministry of Finance said in a statement.

Of the total collection in October 2020, CGST was Rs 19,193 crore, SGST was Rs 25,411 crore, IGST was Rs 52,540 crore and cess was Rs 8,011 crore.

“The total revenue earned by Central Government and the State Governments after regular settlement in the month of October, 2020 is Rs 44,285 crore for CGST and Rs 44,839 crore for the SGST,” the finance ministry said.

GST revenues had previously crossed the Rs 1 lakh crore mark in February 2020, when collections totalled 1,05,366 crore.

In October October 2020, the central government settled Rs 25,091 crore to CGST and Rs 9,427 crore to SGST from IGST as regular settlement.

“The growth in GST revenue as compared to that in months of July, August and September, 2020 of -14 percent, -8 percent and 5 percent respectively clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues,” the finance ministry said.

The finance ministry also said 80 lakh GSTR-3B returns were filed during the month.

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