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Studycafe Admin | Nov 27, 2021 | Views 657962

Govt Registered Second Highest GST Collection Since Inception of GST

Govt Registered second highest GST collection since inception of GST

GST collection for October 2021 registered the second highest since the inception of GST

In October, the GST collection totaled 1,30,127 crores. The GST revenue for October 2021 is 24% higher than the same month last year and 36% higher than the same month last year.

CGST is 23,861 crore, SGST is 30,421 crore, IGST is 67,361 crore (including 32,998 crore collected on imports of goods), and Cess is 8,484 crore (including 699 crore collected on imports of goods).

As part of the usual settlement, the government has paid CGST a total of 27,310 crore and SGST a total of 22,394 crore from IGST. After regular settlements, the total revenue of the Centre and the States in October 2021 is 51171 crore for the CGST and 52,815 crore for the SGST.

The GST revenues for October 2021 are 24 percent higher than the same month last year and 36 percent higher than the same month last year. Revenues from imports of products were 39 percent higher during the month, while revenues from domestic transactions (including imports of services) were 19 percent higher than during the same month last year.

October’s GST receipts were the second largest since the implementation of GST, trailing only those in April 2021, which were year-end revenues. This is in keeping with the general economic recovery trend. This is also evidenced by the monthly trend in e-way bills generated since the second wave. If sales of vehicles and other products had not been hindered by the disruption in semi-conductor supply, revenues would have been considerably higher. The increased trend in the number of e-way bills issued throughout the month, as well as the amount of taxable value, clearly indicates a recovery in economic activity.

State-wise growth of GST Revenues during October 2021.

GST collection for October 2021 registered the second highest since inception of GST

GST collection for October 2021 registered the second highest since inception of GST

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