According to the Ministry of Finance, the gross GST revenue collected in October 2020 is Rs1,05,155cr of which CGST is Rs19,193cr, SGST is Rs25,411cr, IGST is Rs52,540cr (including Rs2,3375cr collected on import of goods) and Cess is Rs8,011cr (including Rs932cr collected on import of goods).
This is the first time GST receipts have crossed the Rs1 lakh cr mark and reported double-digit growth rate this fiscal after the sharp decline in the initial months following the national lockdown.
The total number of GSTR-3B Returns filed for October up to 31st October 2020 is 80 lakh.
The government has settled Rs25,091cr to CGST and Rs19,427cr to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in October 2020 is Rs44,285cr for CGST and Rs44,839cr for the SGST.
The revenues for the month are 10% higher than the GST revenues in the same month last year.
During the month, revenues from import of goods were 9% higher and the revenues from the domestic transaction (including import of services) are 11% higher than the revenues from these sources during the same month last year. The growth in GST revenue as compared to that in July, August and September 2020 of -14%, -8% and 5% respectively clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues.
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