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India ‘s October GST collection scales Rs.1.30 lakh crore as post-Covid economy begins to roar

Photo for representation

India’s gross goods and services tax (GST) revenue for October touched Rs 1.30 lakh crore — the second highest collections since the introduction of the tax system. In April this year India recorded GST collections of Rs 1.41 lakh crore – the highest ever—driven by year-end payments.

The October figure is 24 per cent higher than the GST revenues collected in the same month last year and 36 per cent higher compared to the corresponding period in 2019-20. Of the total, Central GST – that is levied on intra state supplies of goods and services stood at Rs 23,861 crore and State GST that is levied and collected by the state governments is Rs 30,421 crore. The Integrated GST, which is applicable for inter-state supply of goods and services stood at Rs 67,361 crore

Also read: As India crosses the 100 crore Covid 19 vaccine mark, focus back on economic revival

In June the GST collection fell below the psychological Rs 1 lakh crore mark at Rs 92,849 crore, reflecting the slowdown in economic activities after the country imposed stringent restrictions and lockdown to contain the spread of the deadly second wave of the Covid 19 virus.

GST collection is a reflection of the country’s business activities.

"The robust GST collections are quite encouraging and a clear sign of economic recovery. With the ongoing festive season, we can expect similar or even higher GST collections in the coming months,” Abhishek Jain, Tax Partner, EY India, said in a statement.

An official statement said that the collections were in line with the trend in economic recovery. “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 statement said. Meanwhile, EY India in a report earlier said the country’s economy is poised to lead global growth in the post Covid phase and retain this position for the next five years.