GST Collection In October Crosses ₹1.3 Lakh Crore, Second-Highest Ever

Mumbai: The government on Monday said that ₹1,30,127 crore gross GST revenue was collected in October 2021, the second-highest amount of GST revenue collected since GST’s implementation. Revenues for the month are 24% higher year-on-year, the Finance Ministry said in a statement on Monday.

Speaking about the October GST collection, MS Mani, Senior Director, Deloitte India, said: “The impressive GST collection has resulted from a combination of sustained economic growth and consistent policy initiatives to improve compliance and discourage evasion.”

“If the current financial year sees strong GST collections, continues on the back of sustained growth of the economy, it is likely that the GST collection target for the year will be exceeded. This would provide some fiscal space to absorb the increased healthcare costs etc,” Mani further said.

GST collection in October was Rs 1,30,127 crore, of which CGST was Rs 23,861 crore, SGST Rs 30,421 crore, IGST Rs 67,361 crore (including Rs 32,998 crore collected on import of goods) and Cess Rs 8,484 crore (including Rs. In a government statement, Rs 699 crore was collected on import of goods.

“Besides various measures to streamline return filing, e-way bill generation etc., several restrictions imposed on non-compliant taxpayers have resulted in many taxpayers gradually becoming more compliant and paying GST more immediately. Giving returns. Going forward, we can introduce more checks. And balance to encourage filers and discourage non-filers,” Mani said.

The government settled Rs 27,310 crore from IGST to CGST and Rs 22,394 crore from SGST as regular settlement. The total revenue of the Center and the states after regular settlement in the month of October 2021 is Rs 51,171 crore for CGST and Rs 52,815 crore for SGST.

(With Agency Inputs)

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