GST collections cross Rs 1 lakh crore-mark in October

The Goods and Services Tax (GST) collections for October have crossed Rs 1lakh crore after a gap of five months and is 6.64 percent higher as compared to September’s collection of Rs 94,442 crore. While the total number of returns filed by taxpayers stood at 67.45 lakh.

In a press release, the Finance Ministry said, “The total gross GST revenue collected in the month of October 2018 is Rs. 100,710 crore of which CGST is Rs. 16,464 crore, SGST is Rs. 22,826crore, IGST is Rs. 53,419 crore (including Rs. 26,908 crore collected on imports) and Cess is Rs. 8,000 crore (including Rs. 955 crore collected on imports).”

“The total number of GSTR 3B Returns filed for the month of September up to 31st October 2018 is 67.45lakh,” it added.

“The Government has settled Rs 17,490 crore to CGST and Rs. 15,107 crore to SGST from IGST as a regular settlement. Further, Rs 30,000 crore has been settled from the balance IGST available with the Centre on a provisional basis in the ratio of 50:50 between Centre and States. The total revenue earned by Central Government and the State Governments after regular and provisional settlement in the month of October 2018 is Rs 48,954 crore for CGST and Rs 52,934 crore for the SGST,” the press release noted.

“The Revenue collected in October 2018 of Rs. 100,710 crore is higher by 6.64% as compared to September 2018 collection of Rs 94,442 crore. The chart shows trends in revenue during the current year. The States which achieved extraordinary growth in total taxes collected from the State assesses include Kerala (44%), Jharkhand (20%), Rajasthan (14%), Uttarakhand (13%) and Maharashtra (11%),” it concluded.

It is to be noted that in the month of October last year, a sum Rs 83,346 crore was collected as Total Revenue Collection under GST.

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