New Delhi: The GST collection of the government maintained its momentum this fiscal year despite COVID disruption as a pick-up in economic recovery is shoring up corporate earnings.
The gross GST revenue collected in the month of October 2021 stood at Rs 1,30,127 crore, which is a growth of 24 percent over the GST revenues in the same month last year and 36 percent over 2019-20. The revenue for October is also the second-highest ever since the introduction of GST, second only to that in April 2021, which is 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, a Finance Ministry statement said.
According to the statement, of the total October GST collection, 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 government has settled Rs 27,310 crore to CGST and Rs 22,394 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of October 2021 is Rs 51,171 crore for CGST and Rs 52,815 crore for the SGST
During the month, revenues from import of goods were 39 percent higher and the revenues from domestic transactions (including import of services) were 19 per cent higher than the revenues from these sources during the same month last year.
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, the Finance Ministry said.
The revenues have also been aided due to the efforts of the State and Central tax ad-i ministration resulting in increased compliance over pre- previous months, the ministry added.