Festive season has brought much needed respite for the central government as the collection under the Goods and Services (GST) has reported the second-highest ever collection since its implementation.
GST collection for the sales of goods and services for the month of September 2021 stood at Rs 1,30,127 crore, jumping 23.7 percent on a year-on-year basis. Notably, the biggest GST receipts so far in the indirect tax regime were Rs 1,41,384 crore in April this year, accounting for year-end transactions.
"GST collection for October 2021 registered the second-highest since the implementation of GST Rs 1,30,127 crore gross GST revenue collected in October. Revenues…of October 2021 are 24% higher than the GST revenues in the same month last year & 36% over '19-20," tweeted Finance Minister Nirmala Sitharaman.
GST collection for October 2021 registered the second highest since implementation of GST
— Nirmala Sitharaman (@nsitharaman) November 1, 2021
₹ 1,30,127 crore gross GST revenue collected in October
Revenues…of October 2021 are 24% higher than the GST revenues in the same month last year& 36% over‘19-20
https://t.co/O8CDBdTbx6
'Growth in line with the trend in economic recovery': Finance Ministry
In October, gross GST collection was Rs 1,30,127 crore, with CGST at Rs 23,861 crore, SGST at Rs 30,421 crore, IGST at Rs 67,361 crore (including Rs 32,998 crore collected on goods imports), and cess at Rs 8,484 crore (including Rs 699 crore collected on import of goods).
As part of the monthly settlement, the government has paid Rs 27,310 crore to the CGST and Rs 22,394 crore to the SGST. After regular settlements in October 2021, the total revenue of the Centre and the states is Rs 51,171 crore for CGST and Rs 52,815 crore for SGST.
GST revenues have increased by 24% year on year and 36% over the pre-pandemic period of 2019-20. This increase in collections, according to the Finance Ministry, is "very much in line with the trend in economic recovery." As per data by the Finance Ministry, tax payments are being made on time, which is up from previous months.
The share of current-period returns filed in each month has risen as a percentage of total returns filed. Taxpayers had filed returns from previous months due to Covid's deadline extensions, which resulted in 1.5 crore reports being filed in July.
