GST collections cross Rs 1 lakh crore mark in October 2020

GST collections October 2020
GST Collections for October 2020

The goods and services tax (GST) collected in the month of October rose to Rs 1.05 lakh crore, crossing the Rs 1 lakh crore mark for the first time since February this year.

The tax collection is a clear sign of a pick-up in economic activity as well as demand across the country, the finance ministry said.

The gross GST revenue collected in October 2020 is Rs 1,05,155 crore, of which CGST is Rs 19,193 crore, SGST is Rs 5,411 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 ministry said.

The ministry added that the total number of GSTR-3B returns filed till October 31, 2020 is 80 lakh.

The revenues for the month are 10 per cent higher than Rs 95,379 crore collected in the same month last year.

“The (tax collection) trend shows that it did decline for the past few months but it is not only on the path of recovery but is also picking up. In the month of September, GST collection was 4 per cent higher than what was there in the corresponding period last year. In the month of October, it has risen by 10 per cent year on year with a collection of above Rs 1.05 lakh crore,” Finance Secretary Ajay Bhushan Pandey told PTI.

GST revenue in February was Rs 1.05 lakh crore, March Rs 97,597 crore, April Rs 32,172 crore, May Rs 62,151 crore, June Rs 90,917 crore, July Rs 87,422 crore, August Rs 86,449 crore and September Rs 95,480 crore.

Deloitte Senior Director M S Mani said that the numbers indicate the definitive revival of consumption and festival spends across the economy.

“Continuance of this trend will help in narrowing the fiscal deficit for FY21 and will go a long way in reviving business confidence across sectors as the impact of the unlockdown process across states gets translated into GST collection figures,” Mani said.

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