GST Monthly Collection For October At Rs 1.05 Lakh Crore, Crosses Rs 1 Lakh Crore For The First Time Since February 

Pointing to incipient signs of economic recovery, 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.

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 25,411 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 total number of GSTR-3B Returns filed for the month of October up to 31 October, 2020 is 80 lakh.

The government has settled Rs 25,091 crore to CGST and Rs 19,427 crore to SGST from IGST as regular settlement. 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 revenues for the month are 10 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 9 per cent higher and the revenues from domestic transaction (including import of services) are 11 per cent higher that the revenues from these sources during the same month last year.

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