November 1, 2020

GST collection crosses ₹1 lakh crore mark after lockdown

October’s GST collection stood over ₹1.05 lakh crore, crossing the ₹1 lakh crore mark since February this year.

GST collection fell from the ₹1 lakh crore mark since Coronavirus spread in the world due to China’s negligence, after which the government had to impose the nationwide lockdown to counter the virus.

The gross Goods and Services Tax(GST) revenue collected in the month of October, 2020 is ₹ 1,05,155crore of which CGST is ₹ 19,193 crore, SGST is ₹ 25,411 crore, IGST is ₹ 52,540 crore (including ₹ 23375crore collected on import of goods) and Cess is ₹ 8,011crore (including ₹932 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of October upto 31October, 2020 is 80 lakh, the finance ministry said in a statement.

GST collections were ₹95,480 crore in September.

The growth in GST revenue as compared to that in months of July, August and September, 2020 of -14%, -8% and 5% clearly shows the trajectory of recovery in the economy and, correspondingly, of the revenues.

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