The Union ministry of finance introduced on Monday that the gross Items and Companies Tax (GST) income assortment for the month of October 2021 stood at greater than ₹130 lakh crore, including that this was the second-highest GST income ever collected, second solely to that from April this yr.
“The gross GST income collected within the month of October 2021 is ₹130,127 crore, of which CGST is ₹23,861 crore, SGST is ₹30,421 crore and IGST is ₹67,361 crore and Cess is ₹8484 crore. The federal government has settled ₹27, 310 crore to CGST and ₹22,394 crore to SGST from IGST as common settlement. The full income of the Centre and states after common settlements within the months of October 2021 is ₹51,171 crore for CGST and ₹52,815 crore for SGST,” the finance ministry famous in its assertion.
IGST, CGST and SGST are classes underneath the GST regime, which got here into impact on July 1, 2017. Whereas IGST stands for Built-in Items and Companies Tax, CGST and SGST are Central Items and Companies Tax, and State Items and Companies Tax, respectively. The previous is collected and distributed to the central and state governments, whereas the opposite two are immediately collected by them.
The finance ministry assertion, in the meantime, additionally highlighted that the GST income for October 2021 was 24 per cent greater than the corresponding determine final yr, and 36 per cent greater than that for 2019-20. “Throughout this month (October 2021), revenues from import of products are 39 per cent greater and people from home transaction are 19 per cent greater than the revenues from these sources throughout the identical month final yr,” it mentioned.
The Nirmala Sitharaman-headed ministry additional famous that such a excessive income assortment was very a lot consistent with the pattern in financial restoration.
The GST income for April 2021 was recorded at ₹141,384 crore, 14 per cent greater than the gathering for the earlier month..