NEW DELHI: Backed by the festive sales, the gross Goods and Services Tax collection in October stood at Rs 1.3 lakh crore, second highest ever since the introduction of GST, 24% higher than the GST revenues in the same month last year and 36% over the pre-Covid levels of 2019.
According to a statement by the Ministry of Finance, of the total collection, CGST is Rs 23,861 crore, SGST Rs 30,421 crore, IGST is Rs 67,361 crore which includes Rs 32,998 crore collected on import of goods and cess Rs 8,484 crore, including Rs 699 crore collected on import of goods.
“This is very much in line with the trend in economic recovery. This is also evident from the trend in the e-way bills generated every month since the second wave. The revenues would have still been higher if the sales of cars and other products had not been affected on account of disruption in supply of semi-conductors,” the statement released by the finance ministry said.
Apart from the recovery in demand backed by the festive sales, the government also attributed growth in GST to improved compliance level. “In addition to action against individual tax evaders, this has been a result of the multi-pronged approach followed by the GST Council,” the ministry said.
And going by the festive sales in November and trend in e bay bills, experts claim that the collection is expected to remain healthy in the coming months.
“With the October 2021 GST e-way bills expected to exceed the level seen in the previous month, the headline GST collections are slated to remain healthy in the range of Rs 1.25-Rs 1.35 lakh crore in November,” said Aditi Nayar, chief economist, Icra.
The government settled Rs 27,310 crore to CGST and Rs 22,394 crore to SGST from IGST as regular settlement.
The total revenue of Centre and the states after regular settlements October 2021 is Rs 51,171 crore for CGST and Rs 52,815 crore for the SGST.
So far the highest GST collection was of Rs 1.4 lakh crore recorded in April this year, on account of year end revenues.
Rs 23,861 crore Collection under CGST.
Rs 30,421 crore SGST mop-up.
Rs 67,361 crore IGST collection.