Economy on recovery path: Finance Secy

Blurb: GST collection breaches 1L-cr mark in Oct

Tribune News Service

New Delhi, November 1

The goods and services tax (GST) collected in October rose to Rs 1.05 lakh crore, crossing the Rs 1-lakh-crore mark for the first time since February, said the Finance Ministry in a statement said today. The GST collection in September was at least Rs 10,000 crore lower at Rs 95,480 crore.

“The (tax collection) trend shows that it did decline for the past few months, but it is on the path of recovery now. In September, GST collection was 4 per cent higher than what was there in the corresponding period last year. In October, it has risen by 10 per cent year on year with a collection of above Rs 1.05 lakh crore,” said Finance Secretary Ajay Bhushan Pandey.

The revenue for October is 10 per cent higher than that during the same month last year. During the month, the revenue from import of goods was 9 per cent higher while the revenue from domestic transactions (including import of services) was 11 per cent higher than the revenues from these sources during the same month last year.

Of the gross GST revenue collected in October, CGST is Rs 19,193 crore, SGST Rs 25,411 crore, IGST Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess Rs 8,011 crore (including Rs 932 crore collected on import of goods).

The total number of GSTR-3B returns filed for October is 80 lakh.

The government settled Rs 25,091 crore to CGST and Rs 19,427 crore to SGST from IGST as regular settlement.

The total revenue earned by the Centre and the state governments after regular settlement in October was Rs 44,285 crore for CGST and Rs 44,839 crore for the SGST.

The collections in October were 14 per cent, 8 per cent and 5 per cent higher than those in July, August and September, respectively. This “clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues,” said the official statement.