Story Content

The GST collection for October was more than Rs 1.3 lakh crore, indicating that the economy is rapidly recovering. The revenue was 24% greater than the GST collection in the same month the previous year. "GST receipts for October were the second biggest ever since the implementation of GST, second only to those in April 2021, which linked to year-end revenues," according to a statement from the Ministry of Finance.

In October, the gross GST income was reported to be 1,30,127 crore. According to the ministry of finance, the CGST was 23,861 crore, the SGST was 30,421 crore, the IGST was 67,361 crore (including 32,998 crore collected on import of goods), and the cess was 8,484 crore (including 699 crore collected on import of goods). "Revenues from imports of products were 39 percent higher during the month, and revenues from domestic transactions (including imports of services) were 19 percent higher than in the same month last year," the ministry noted.

"This is in keeping with the general economic recovery trend. This is also evidenced by the monthly trend in e-way bills generated since the second wave. "Revenues would have been higher if vehicle and other product sales had not been impacted by the disruption in semi-conductor supply," the government stated in a statement.

Revenue collection increased as a result of the state and central administration's ongoing efforts, "resulting in higher compliance over previous months." The GST Council's multi-pronged approach, as well as fast action against individual tax evaders, enhanced GST collection in October. In the last year, various methods such as nil filing through SMS, the quarterly return monthly payment (QRMP) system, and auto-population of returns have been implemented to improve GST collection.

As a result of the state and central administration's continued efforts, revenue collection rose, "resulting in higher compliance than previous months." GST collection increased in October as a result of the GST Council's multi-pronged approach, as well as swift action against individual tax evaders. Various approaches, including as nil filing through SMS, the quarterly return monthly payment (QRMP) system, and auto-population of returns, were used in the previous year to boost GST collection.