GST assortment cross Rs 1 lakh cr in October for first time since February | Markets Information

GST collection cross Rs 1 lakh cr in October for first time since February

New Delhi: The GST assortment for the month of October for the primary time crossed the Rs 1 lakh crore mark since February this yr, the finance ministry stated on Sunday. The gathering stood at over Rs 1.05 lakh crore.

The whole variety of GSTR-3B returns filed until October 31, 2020, is 80 lakh.

The gross GST income collected within the month of October 2020 is Rs 1,05,155 crore of which CGST is Rs 19,193 crore, SGST is Rs 5,411 crore, IGST is Rs 52,540 crore (together with Rs 23,375 crore collected on import of products) and cess is Rs 8,011 crore (together with Rs 932 crore collected on import of products), the ministry stated in a press release.

The income for the month is 10 per cent increased than Rs 95,379 crore collected in the identical month final yr.

Throughout the month, revenues from import of products had been 9 per cent increased and the revenues from home transaction (together with import of companies) had been 11 per cent increased than the revenues from these sources throughout the identical month final yr.

The Items and Providers Tax (GST) collections fell from the psychologically essential Rs 1 lakh crore mark because the lockdown imposed to include the COVID-19 unfold dented financial exercise.

The assertion stated that the expansion in GST income as in comparison with that in months of July, August and September, 2020 reveals the trajectory of restoration of the financial system and, correspondingly, of the revenues.