Items and Companies Tax (GST) assortment remained above Rs 1 lakh crore for the fourth month in a row at over Rs 1.30 lakh crore in October, indicating the affect of festive shopping for. That is the second highest assortment of GST since its implementation on July 1, 2017.
The tax collections final month on items offered and companies rendered was 24 per cent larger than in October 2020. “The gross GST income collected within the month of October 2021 is Rs 1,30,127 crore of which CGST is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore (together with Rs 32,998 crore collected on import of products) and Cess is Rs 8,484 crore (together with Rs 699 crore collected on import of products),” the finance ministry mentioned in a press release.
CGST refers to Central Items and Companies Tax, SGST (State Items and Service Tax) and IGST (Built-in Items and Companies Tax). That is very a lot in step with the development in financial restoration, it mentioned, including “that is additionally evident from the development within the e-way payments generated each month for the reason that second wave”.
The revenues would have nonetheless been larger if the gross sales of automobiles and different merchandise had not been affected on account of disruption in provide of semiconductors, it added.