Gross revenue from Goods and Services Tax (GST) in October stood at approx Rs 1.30 lakh crore, as per the latest data revealed by the Ministry of Finance. It stated that the GST revenues recorded in the month of October is the second-highest collection since the implementation of the taxation structure.
Central goods and services tax (CGST) stood at Rs 23,861 crore, State goods and services tax stood at Rs 30,421 crore and integrated goods and services tax stood at Rs 67,361 crore. Total cess in the month of October stood at Rs 8,484 crore inclusive of Rs 699 crore collected on import of goods.
As per the ministry statement, GST revenues in October are 24 per cent higher on a year-over-year comparison, and 36 per cent higher than the comparable period in 2019-20.
The ministry, however, informed that the revenues would have been higher had the automobile sales not been affected by the disruption in the supply of semiconductors.
"The GST revenues for October have been the second-highest ever since the introduction of GST, second only to that in April 2021, which related to year-end revenues. 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 ministry's statement read.
The government informed that it has settled Rs 27,310 crore to CGST, Rs 22, 394 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the States after regular settlements in the month of October 2021 is â¹ 51, 171 crore for CGST and â¹ 52,815 crore for the SGST, the latest data informed.
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