New Delhi: GST collections in October stood at Rs 1,05,155 crore, crossing Rs 1 lakh crore mark for the first time since in eight months this year, the finance ministry stated on Sunday. The total number of GSTR-3B returns filed till October 31, 2020, is 80 lakh. Also Read - Economic Reforms Will Continue, More Ahead, Says Sitharaman
The gross GST revenue collected in the month of October 2020 is Rs 1,05,155 crore of which CGST is Rs 19,193 crore, SGST is Rs 5,411 crore, IGST is Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess is Rs 8,011 crore (including Rs 932 crore collected on import of goods). Also Read - India's Economy Likely to Jump Back Faster Than Expected: Report
The revenue collected this month was 10 per cent higher than Rs 95,379 crore collected in the same month last year. Also Read - RBI Says India in Historic Technical Recession For First Time; July-Sept GDP to Contract 8.6%
The Goods and Services Tax (GST) collections fell from the psychologically important Rs 1 lakh crore mark as the lockdown imposed to contain the COVID-19 spread dented economic activity.
The GST revenue growth rate this month as compared to that in months of July (14 per cent), August (8 per cent) and September (5 per cent) this year showed a clear trajectory of recovery of the fallen economy.