Goods and Services Tax (GST) collection remained above Rs 1 lakh crore for the fourth month in a row at over Rs 1.30 lakh crore in October, indicating the impact of festive buying. This is the second-highest collection of GST since its implementation on July 1, 2017. The tax collections last month on goods sold and services rendered was 24 percent higher than in October 2020.
"The gross GST revenue collected in the month of October 2021 is Rs 1,30,127 crore of which CGST is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore (including Rs 32,998 crore collected on import of goods) and Cess is Rs 8,484 crore (including Rs 699 crore collected on import of goods)," the finance ministry said in a statement.
CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax), and IGST (Integrated Goods and Services Tax). This is very much in line with the trend in economic recovery, it said, adding "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 the supply of semiconductors, it added.
Latest Business News
