Second Highest Ever GST Collected, Revenue For Oct Crosses Rs 1.30 Lakh Crore
The revenues for the month of October are 24 percent higher than the GST revenues in the same month last year and 36 percent over 2019-20.
New Delhi: Indicating recovery in economic activity, the gross GST revenue collected in the month of October is Rs 1,30,127 crore.
Out of this amount, the CGST component is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is 67,361 crore and Cess is Rs 8,484 crore.
READ: India's Manufacturing Sector Shows Strong Recovery, Rises Further In October: PMI
The revenues for the month of October are 24 percent higher than the GST revenues in the same month last year and 36 percent over 2019-20.
“During the month, revenues from import of goods was 39 percent higher and the revenues from domestic transaction (including import of services) are 19 percent higher than the revenues from these sources during the same month last year,” the Union Finance Ministry said in a release.
The GST revenues for October have been the second highest ever since introduction of GST, second only to that in April this year.
The Finance Ministry said 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 ministry added.
The Finance Ministry said the revenues have also been aided due to the efforts of the state and central tax administration resulting in increased compliance over previous months.
“In addition to action against individual tax evaders, this has been a result of the multipronged approach followed by the GST Council. On one hand, various measures have been taken to ease compliance like nil filing through SMS, enabling Quarterly Return Monthly Payment (QRMP) system and auto-population of return. During past one year, GSTN has augmented the system capacity considerably to improve user experience,” the Finance Ministry said.
“On the other hand, the Council has also taken various steps to discourage non-compliant behaviour, like blocking of e-way bills for non-filing of returns, system-based suspension of registration of taxpayers who have failed to file six returns in a row and blocking of credit for return defaulters,” the ministry added.
The Finance Ministry further said the Council decided to waive late fee allowing people to file old returns and come up-to-date in filing of returns.
“With more and more taxpayers filing the returns every month, the percentage of returns of old period filed in any month has been increasing continuously,” the ministry added.
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