: GST collections cross Rs 1 Lakh cr in October #FinanceIndia #StockMarketNEWS GST collections cross Rs 1 Lakh cr in October New Delhi, Nov 2 (KNN) For the first time since February, the Goods and Services

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GST collections cross Rs 1 Lakh cr in October #FinanceIndia #StockMarketNEWS
GST collections cross Rs 1 Lakh cr in October New Delhi, Nov 2 (KNN) For the first time since February, the Goods and Services Tax (GST) collection has crossed 1 lakh crore mark as the gross GST revenue collected in the month of October, is Rs 1,05,155 crore.

Out of Rs 1,05,155, the Central Goods and Service Tax (CGST) is Rs 19,193 crore while the State Goods and Service Tax (SGST) is Rs 25,411 crore.

Integrated Goods and Service Tax (IGST) was Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess was Rs 8,011 crore (including Rs 932 crore collected on import of goods), the Finance ministry said in a statement on Sunday.

The total number of GSTR-3B returns filed for the month of October stood at 80 lakhs.

The revenue for October 2020 was 10 per cent higher compared to Rs 95,379 crore in the same month last year. During the month, revenues from import of goods were higher by 9 per cent and revenues from domestic transactions (including import of services) were 11 per cent higher that the same month last year.

The government has settled Rs 25,091 crore to CGST and Rs 19,427 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of October, 2020 is Rs 44,285 crore for CGST and Rs 44,839 crore for the SGST.

Notably, in November last year also the gross GST revenue collection stood at Rs 1,03,492 crore of which CGST was Rs 19,592crore, SGST was Rs 27,144crore and IGST was Rs 49,028crore (including Rs 20,948crore collected on imports) and Cess is Rs7,727 crore (including Rs 869 crore collected on imports).

The total number of GSTR 3B Returns filed for the month of October up to 30th November, 2019 was 77.83