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 items and providers tax (GST) income collected for the month of October is second highest since implementation of the tax regime in 2017, an official launch by the ministry of finance stated on Monday.
GST assortment for October stood at Rs 1,30,127 crore. The federal government had recorded its highest ever assortment of GST in April 2021 at Rs 1,41,384 crore.
The revenues for October are 24 per cent increased than the GST revenues in the identical month final 12 months and 36 per cent greater than 2019-20.

“That is very a lot in step with the development in financial restoration. The revenues would have nonetheless been increased if the gross sales of automobiles and different merchandise had not been affected on account of disruption in provide of semiconductors,” the federal government famous.
In the course of the month, revenues from import of products was 39 per cent increased and the revenues from home transaction (together with import of providers) are 19 per cent increased than the revenues from these sources throughout the identical month final 12 months, the discharge stated.
Of the whole quantity, CGST is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore (together with Rs 32,998 crore collected on import of products) and Cess is Rs 8,484 crore (together with Rs 699 crore collected on import of products).
Centre attributes the rise in GST income to strong restoration in financial actions, elevated compliance over earlier months and upward development in GSTR submitting.

An upward development was witnessed in variety of e-way payments generated through the month.
“The quantity of taxable worth clearly indicating the restoration in financial exercise,” the federal government stated.
It additional famous that the revenues had been additionally aided as a result of efforts of the state and Central tax administration leading to elevated compliance over earlier months.
“Variety of returns (GSTR-3B) of each month/quarter by the tip of subsequent month is an efficient parameter indicating well timed cost of returns and submitting of returns,” it added.
The variety of GST returns filed until the tip of September has additionally seen an upward motion.
This means that the well timed cost of taxes has been rising over a time period on account of coverage measures and administrative efforts, the federal government stated.
In July, 1.5 crore returns had been filed as taxpayers submitted returns of previous months taking good thing about the comfort given on account of Covid.
By September, nearly 81 per cent taxpayers had filed GSTR-1.