Mumbai: The revenue from the Goods and Services Tax (GST) crossed Rs 1,30,127 crore in October. This is the second-highest GST revenue collected since its implementation on July 1, 2017. This is for the fourth month in a row the GST revenue is crossing Rs 1 lakh crore.
As per the data released by the Union Ministry of Finance, the revenues for the month of October 2021 were 24% higher than the GST revenues in the same month last year and 36% over 2019-20.
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Out of the total revenue, CGST is at Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore (including Rs 32,998 crore collected on import of goods) and Cess is Rs 8,484 crore (including Rs 699 crore collected on import of goods). CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax), and IGST (Integrated Goods and Services Tax).
The Union government has settled Rs 27,310 crore to CGST and Rs 22,394 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of October 2021 is Rs 51171 crore for CGST and Rs 52,815 crore for the SGST.
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