In April this year, Rs 141,384 were collected as GST revenue, the highest since the introduction of the tax regime on July 1, 2017.
The Union ministry of finance announced on Monday that the gross Goods and Services Tax (GST) revenue collection for the month of October 2021 stood at more than ₹130 lakh crore, adding that this was the second-highest GST revenue ever collected, second only to that from April this year.
“The gross GST revenue collected in the month of October 2021 is ₹130,127 crore, of which CGST is ₹23,861 crore, SGST is ₹30,421 crore and IGST is ₹67,361 crore and Cess is ₹8484 crore. The government has settled ₹27, 310 crore to CGST and ₹22,394 crore to SGST from IGST as regular settlement. The total revenue of the Centre and states after regular settlements in the months of October 2021 is ₹51,171 crore for CGST and ₹52,815 crore for SGST,” the finance ministry noted in its statement.
IGST, CGST and SGST are categories under the GST regime, which came into effect on July 1, 2017. While IGST stands for Integrated Goods and Services Tax, CGST and SGST are Central Goods and Services Tax, and State Goods and Services Tax, respectively. The former is collected and distributed to the central and state governments, while the other two are directly collected by them.
The finance ministry statement, meanwhile, also highlighted that the GST revenue for October 2021 was 24 per cent higher than the corresponding figure last year, and 36 per cent more than that for 2019-20. “During this month (October 2021), revenues from import of goods are 39 per cent higher and those from domestic transaction are 19 per cent higher than the revenues from these sources during the same month last year,” it said.
The Nirmala Sitharaman-headed ministry further noted that such a high revenue collection was very much in line with the trend in economic recovery.
The GST revenue for April 2021 was recorded at ₹141,384 crore, 14 per cent more than the collection for the previous month..
