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Economy Coming Back on Track? GST Collection For October Crosses 1 Lakh Crore

The GST collection in October 2020 has been 10 percent higher than the same month in the previous year.

 

New Delhi| After months of gloom in the economy due to slowing down of activity owing to Covid-19 and the subsequent lockdown, a positive uptick has brought some relief for the Centre. The statement issued by the Finance Ministry stated that the total GST collection in October 2020 stood at Rs 1,05,155 crore. This includes CGST’s share of Rs 19,193 crore, SGST’s Rs 5,411 crore, IGST’s Rs 52,540 crore (including collection of Rs 23,375 crore on import of goods) and cess of Rs 8,011 crore (Rs 932 crore on imported goods).

This is the first time in last eight months that the GST collection crossed 1 Lakh Crore mark. It also comes on the heels of Unlock 5 which came into force in the month of October. This means that there has been increasing economic activity in the country.

The GST collection in October 2020 has been 10 percent higher than the same month in the previous year. The GST collection stood at Rs 95,379 crore in October 2019. Due to the lockdown imposed to prevent the spread of the Covid-19 pandemic, the Goods and Service Tax collection data remained below the level of Rs 1 lakh crore for several consecutive months.

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