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GST collection in October crosses ₹1.3 lakh crore, second highest ever – Mint

The gross GST revenue collected in the month of October 2021 exceeded 1.3 lakh crore. The GST revenues for October is the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues. The revenues for the month of October 2021 are 24% higher than the GST revenues in the same month last year.

The GST collections in October came in at 1,30,127 crore of which CGST is 23,861 crore, SGST  30,421 crore, IGST is 67,361 crore (including 32,998 crore collected on import of goods) and cess 8,484 crore (including 699 crore collected on import of goods), according to a government statement. 

“This is very much in line with the trend in economic recovery. This is also evident from the trend in the e-way bills generated every month since the second wave. The revenues would have still been higher if the sales of cars and other products had not been affected on account of disruption in supply of semi-conductors,” the government said in a statement.  

The government settled 27,310 crore to CGST and 22,394 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of October 2021 is 51,171 crore for CGST and 52,815 crore for the SGST.

During the month, revenues from import of goods was 39% higher and the revenues from domestic transaction (including import of services) are 19% higher than the revenues from these sources during the same month last year.

Indian stock market benchmark Sensex was up over 600 points in noon trade. A private survey released earlier in the day showed India’s manufacturing sector activities gained further strength in October as companies scaled up production and stepped up input purchasing in anticipation of further improvements in demand.

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose from 53.7 in September to 55.9 in October, pointing to the strongest improvement in overall operating conditions since February.

Robust gains in new work aided production growth in October as output and new orders expanded at fastest rates in seven months, while business optimism hit a six-month high, the survey said.

 

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