GST revenue crosses ₹1 lakh crore mark in FY21

The finance ministry said, “The growth in GST revenue as compared to that in July, August and September 2020 of -14%, -8% and 5% respectively clearly shows the trajectory of recovery of the economy and revenues.

₹1.05 lakh crore Good and Service Tax (GST) was collected for the first time in FY21. The Ministry of Finance in a statement said, “The GST revenue collections for the month were ₹1,05,155 crore, which is 10% higher than October 2019.”

In October 2020, Central GST was ₹19,193 crore, State GST was ₹25,411 crore, Integrated GST was ₹52,540 crore and, cess was ₹8,011 crore. The ministry said, “The total revenue earned by Central Government and the State Government after regular settlement in October 2020 is ₹44,285 crore for Central GST and ₹44,839 crore for the State GST.”

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In February 2020, the GST collection was ₹1,05,366 crores. In the regular settlement of October 2020, the central government settled ₹25,091 crore to CGST and ₹9,427 crore to SGST from IGST as regular settlement.

The finance ministry said, “The growth in GST revenue as compared to that in July, August and September 2020 of -14%, -8% and 5% respectively clearly shows the trajectory of recovery of the economy and revenues.

80 lakh GSTR-3B returns were filed in October, said the finance ministry.