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GST Revenue In October; Second Largest Since Implementation Of GST

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In the month of October 2021, the gross GST revenue collected is 1,30,127 crore, of which CGST is 23,861 crore, SGST is 30,421 crore, IGST is 67,361 crore (including 32,998 crore collected on import of goods), and Cess is 8,484 crore (including 699 crore collected on import of goods).

 
GST Revenue In October; Second Largest Since Implementation Of GST

As part of the normal settlement, the government transferred 27,310 crore to CGST and 22,394 crore to SGST from IGST. After regular settlements, the total income of the Centre and the States in the month of October 2021 is 51171 crore for CGST and 52,815 crore for SGST.

The revenues for the month of October 2021 are 24% more than the GST revenues for the same month last year and 36% higher than the revenues for 2019-20. Revenues from imports of products were 39 percent higher during the month, while revenues from domestic transactions (including imports of services) were 19 percent higher than in the same month last year.

The GST revenues for October were the second largest ever since the implementation of GST, trailing only those for April 2021, which related to year-end revenues. This is consistent with the general trend of economic recovery. This is also obvious in the monthly pattern of e-way invoices generated since the second wave. Revenues would have been higher if vehicle and other product sales had not been hampered by the disruption in supply of semi-conductors.

GSTN

GSTN has significantly increased system capacity in the last year to improve user experience. On the other hand, the Council has taken a number of efforts to deter non-compliance, including the blocking of e-way bills for non-filing of returns, system-based suspension of registration for taxpayers who have failed to file six returns in a row, and credit blocking for return defaulters.

 

The number of monthly/quarterly returns (GSTR-3B) submitted by the end of the next month is a good indicator of timely return payment and filing. After the last deadline for filing returns, GSTN makes further efforts in the form of communications to guarantee compliance by the end of the month.

Read more about: gst
Story first published: Tuesday, November 2, 2021, 11:45 [IST]
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