: GST collection in October rises to over Rs 1.30 lakh crore – second-highest ever #IndiaNEWS The Goods and Services Tax collection for the month of October rose to Rs 1,30,127 crore from 1,17,010

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GST collection in October rises to over Rs 1.30 lakh crore – second-highest ever #IndiaNEWS
The Goods and Services Tax collection for the month of October rose to Rs 1,30,127 crore from 1,17,010 crore in September, government data showed on Monday. The monthly collection in October was the second-highest ever since the new tax regime was implemented in June 2017. The highest collection of over Rs 1.41 lakh crore was recorded in April.October was also the fourth consecutive month when GST collections crossed the Rs 1 lakh crore-mark. “This is very much in line with the trend in economic recovery,â€? the finance ministry said in a release.✅ GST collection for Oct. 2021 registered 2nd highest since implementation of GST✅ ₹1,30,127 crore gross GST revenue collected✅ Revenues 24% higher than GST revenues in same month last year & 36% over 2019-20Read more âž¡ï¸? t.co/lwVeGeVyEq(1/7) pic.twitter.com/NdfXf0r58H— Ministry of Finance (@FinMinIndia) November 1, 2021 Of the total collection in October, Rs 23,861 crore came from Central GST and Rs 30,421 crore as State GST. Integrated GST collections amounted to Rs 67,361 crore (including Rs 32,998 crore crore collected on import of goods) and the cess was Rs 8,484 crore, the finance ministry said. Aditi Nayar, chief economist at rating agency ICRA told Moneycontrol that the pickup in GST collections indicated pre-festive season stocking among consumers, as well as better compliance from taxpayers.Nayar added that the monthly...Read more

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