GST collections for October at Rs 1.3 lakh crore

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The Goods and Service Tax (GST) collection has created a record in the festive season. The GST collection in the month of October has been Rs 1.30 lakh crore. This is the second time this collection has happened after the implementation of GST in April 2017. Earlier in April 2021, there was a collection of Rs 1.41 lakh crore from GST.

According to the information given by the Ministry of Finance, the total collection of GST in October 2021 was Rs 130,127 crore. There has been an increase of 24% in the GST collection on a yearly basis. Whereas it has registered an increase of 36% as compared to October of 2019. Compared to September 2021, the GST collection at that time was Rs 1.17 lakh crore.

The rapid increase in the collection of GST is indicating that business is on the rise. The effect of the second wave of Kovid-19 may have been there in the country at the beginning of the current financial year, but the effect of the third wave has not yet been seen. This is the fourth consecutive month that the GST collection has crossed Rs 1 lakh crore due to the improvement in the economy. According to the data of the Finance Ministry, the total collection of GST in August was Rs 1.12 lakh crore while in July it was Rs 1.16 lakh crore.

92,849 crore in June, while the GST collection in April and May was more than Rs 1 lakh crore. With less impact of Corona and rapid vaccination, now all sectors have opened in the country. Even from cinema halls and swimming pools to schools and colleges are now opening. Due to this, business has come back on track due to the opening of the economy. This is accelerating the GST collection.

The government said that in October, the share of CGST in GST collection was Rs 23,861 crore, SGST was Rs 30,421 crore and IGST was Rs 67,361 crore. IGST collected on import of goods stood at Rs 32,998 crore. 8,484 crore was received as cess.

In the statement, the government said that it is clear from the trends in the e-bills generated every month that the business is booming. The ministry said that if the sales of auto and electronic products were not affected due to semiconductor and other chips, the GST collection would have been higher. In fact, due to the lack of chips, auto and electronic items are being affected badly at this time. Companies like Maruti said their sales of 1.66 lakh vehicles declined in September due to chip shortage.

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