GST monthly collection crosses Rs 1 lakh crore in FY21

GST collections in October stood at over Rs 1.05 lakh crore, crossing for the first time Rs 1 lakh crore mark since February this year. According to the finance ministry the gross GST revenue collected in 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 (including Rs 23,375 crore collected on import of goods) and cess is Rs 8,011 crore (including Rs 932 crore collected on import of goods). The total number of GSTR-3B returns filed till October 31, 2020, is 80 lakh.

The revenue for the month is 10 per cent higher than Rs 95,379 crore collected in the same month last year.The Goods and Services Tax (GST) collections fell from the psychologically important Rs 1 lakh crore mark as the lockdown imposed to contain the COVID-19 spread dented economic activity. "The growth in GST revenue as compared to that in months of July, August and September, 2020 of -14 percent, -8 percent and 5 percent respectively clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues," the finance ministry said. GST revenues had previously crossed the Rs 1 lakh crore mark in February 2020, when collections totalled 1,05,366 crore.