GST Collections surpasses Rs 1 Lakh Crore in October

GST

For the first time in the last eight months, GST collections reported in October has surpassed Rs 1 Lakh Crore mark, said Union Ministry of Finance.

The Goods and Services Tax (GST) collection in October was reported at Rs 1.05 lakh crore.

The gross GST revenue collected in the month of October was reported at Rs 1,05,155 crore, out of which Central Goods and Service Tax (CGST) was Rs 19,193 crore and State Goods and Service Tax (SGST) was Rs 25,411 crore, said the ministry’s official statement.

While Integrated Goods and Service Tax (IGST) was Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess was reported at Rs 8,011 crore (including Rs 932 crore collected on import of goods), stated the ministry further.

The GST collection was Rs 95,480 crore in September. As the per the ministry’s report, 80 lakh total number of GSTR-3B returns filed for the month of October.

Due to the festive demand, the government’s goods and services tax collections inflated further momentum in October, crossing the crucial Rs 1-lakh mark.

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