GST collection for October 2021 second highest since GST implementation

The GST revenues for October have been the second-highest ever since the introduction of GST, second only to that in April 2021

  • Money9
  • Publish Date - November 1, 2021 / 02:24 PM IST
GST collection for October 2021 second highest since GST implementation
The revenues for the month of October 2021 are 24% higher than the GST revenues in the same month last year

The gross GST 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 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.

The revenues for the month of October 2021 are 24% higher than the GST revenues in the same month last year and 36% over 2019-20. During the month, revenues from import of goods were 39% higher and the revenues from the domestic transactions (including import of services) are 19% higher than the revenues from these sources during the same month last year.

The GST revenues for October have been 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. The revenues would have still been higher if the sales of cars and other products had not been affected on account of disruption in the supply of semiconductors.

(With inputs from Press Information Bureau)

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