You are here: Home » Economy & Policy » News » GST
Business Standard

GST collection up Rs 1.3 trn in Oct, above trn for fourth month in a row

This is the second highest collection of GST since its implementation on July 1, 2017

Topics
GST | GST collection | festive season

Press Trust of India  |  New Delhi 

Goods and services tax, gst

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 since its implementation on July 1, 2017.

The tax collections last month on goods sold and services rendered was 24 per cent higher than in October 2020.

"The gross 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 supply of semiconductors, it added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, November 01 2021. 14:39 IST
RECOMMENDED FOR YOU
.