GST revenue of Rs.1.05 lakh Crores collected in the month of October 2020

The Union Finance Ministry has said in a statement issued on Sunday that the Goods and Service Tax (GST) collection in the month of October 2020 stands at Rs.1.05 lakh Crores.

Finance Ministry has described in the statement that the gross GST revenue collected in the month of October 2020 is Rs.1,05,155 Crores which comprise of CGST is Rs.19,193 Crores, SGST is Rs.25,411 Crores, IGST is Rs.52,540 Crores (and includes Rs.23,375 Crores collected on import of goods) and, Cess is Rs.8,011 Crores (includes Rs.932 Crores collected on import of goods).

“The total number of GSTR-3B Returns filed for the month of October upto 31st October 2020 is 80 lakh,” said the Finance Ministry.

Central Government has provided Rs.25,091 Crores to CGST and Rs.19,427 Crores to SGST from the IGST as regular settlement. After this regular settlement, the total revenue earned by the Central Government and the State Governments in the month of October 2020 is Rs.44,285 Crores for CGST and Rs.44,839 Crores for the SGST.

Finance Ministry further said, “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 proceeds from the domestic transaction (including import of services) are 11% higher than the revenues from these sources during the same month last year.”

It further added, “The growth in GST revenue as compared to that in months of 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.”

The chart shows trends in monthly gross GST revenues during the current year.

The table shows the state-wise figures of GST collected in each State during the month of October, 2020 as compared to October, 2019 and for the full year.

With Warm Regards,

CL Bureau.