Business

GST collections cross Rs 1L crore for the first time after COVID-19 hit India

New Delhi: After over eight months, the Goods and Services Tax (GST) collection in October has crossed Rs 1-lakh crore mark for the first time since February this year. The total GST mop-up stood at over Rs 1.05 lakh crore in the same month, while it was Rs 95,480 crore in September. Besides, the revenues collected for the month are 10 per cent higher than the GST revenues in the same month last year, according to the data released by the finance ministry on Sunday.

The GST revenues, however, were reported below Rs 1-lakh crore as several lockdowns were imposed across the country to contain the COVID-19 pandemic which almost dented the economic activities across all sectors. However, the improvement on tax payment from taxpayers came after the graded lifting of restrictions by the government from June 1.

As per the data, the GST revenue collected in the month of October 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 2,3375 crore collected on import of goods) and Cess is Rs 8,011crore (including Rs 932 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of October upto 31 October, 2020 is 80 lakh.

"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 statement said, adding that 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.

However, the government said it has already 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 statement said.

Source:

www.deccanchronicle.com

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