GST Collection s increase earnings of Modi government Rs 1-30 lakh crore, highest for the second time

Goods and Services Tax (GST) collection rose to Rs 1.30 lakh crore in October. This remains above Rs one lakh crore for the fourth consecutive month and reflects the momentum of the festive season.

This is the second-largest monthly collection since GST came into force on July 1, 2017. GST collection in September 2021 was Rs 1.17 lakh crore. According to official data, last month's GST collection was 24 percent as compared to October 2020 and 36 percent as compared to 2019.

"The gross GST revenue in October 2021 was Rs 1,30,127 crore, of which Central GST (CGST) was Rs 23,861 crore, State (GST) was Rs 30,421 crore and Integrated GST (IGST) was Rs 67,361 crore," the finance ministry said in a statement.

The GST collection figures also match the trends of economic recovery and this is also evident from the trends of e-way bills that are issued every month since the second wave of the epidemic.

Revenue from imports of goods was 39 percent higher during October and revenue from domestic transactions (including imports of services) was 19 percent higher than the same month last year. The statement further said that due to the efforts of the state and central tax administration, the revenue has also gone up.

The government has settled Rs. 27,310 crore from CGST and Rs. 22,394 crore from IGST as regular settlement, and after regular settlement, the total revenue of Center and States in October 2021 will be Rs. 51,171 crore for CGST and Rs. 52,815 for SGST.