October GST collection recorded highest since February

The GST collection for the month of October 2020 is recorded at Rs 1,05,155 crore, which is10% higher than the GST revenue in October 2019. The boost in the collection of almost Rs 10,000 crore over last year showed improvement in consumption and festival spending across the economy.

For the first time, since February 2020, Goods and Services Tax (GST) collection recorded at Rs 1,05,155 crore.  It is 10% higher as compared to the GST collection in the same month last year, which stood at Rs 95,379 crore. Out of the gross GST collection of Rs 1,05,155 crore, the Central GST is Rs 19,193 crore, state GST is Rs 25,411 crore, integrated GST is Rs 52,540 crore which includes Rs 23,375 crore collected on import of goods and cess is Rs 8,011crore including Rs 932 crore collected on import of goods.

GST collection in July, August, and September this year recorded at Rs 87,422 crore, Rs 86,449 crore, and Rs 95,480 crore respectively. The growth in revenue as compared to that in months of July (14%), August (8%), and September  (5%)2020, clearly shows the track of the economic recovery. Collections during October from the import of goods are 9% and from domestic transactions are 11% higher than the revenue from these sources during October last year.

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October GST collection recorded highest since February

Knowledge Source:

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