GST collections for October exceeds Rs 1 lakh-crore mark, first time since COVID lockdown

In a major ecomic boost for country amid COVID-19 crisis,  Goods and Services Tax (GST) collections crossed   Rs 1 lakh crore mark in October. COVID-19 pandemic and subsequent lockdown h as such dented ecomic activity.

It may be ted that revenue collections from GST touched its highest level so far this fiscal in September at Rs 95,480 crore.  gross GST revenue collected in month of October 2020 is Rs 1,05,155 crore of which CGST is Rs 19,193 crore, SGST is Rs 5,411 crore, IGST is Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess is Rs 8,011 crore (including Rs 932 crore collected on import of goods).

revenue for month is 10 per cent higher than Rs 95,379 crore collected in same month last year.

Finance Ministry in an official statement said, "total number of GSTR-3B Returns filed for month of October up to 31 October 2020 is 80 lakh.  growth in tax collected shows “ trajectory of recovery of ecomy”.

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Centre Releases First Tranche Of GST Dues

Meanwhile,  Centre on October 24 released first tranche of pending GST dues, borrowing and transferring Rs 6000 crores to 16 states and two Union Territories (UTs), opening a special borrowing window to dress shortfall in GST. " Government of India has evolved a special borrowing window to dress shortfall in GST collection during year 2020 - 2021. 21 States and 2 Union Territories opted for this special window involving back-to-back borrowing coordinated by Ministry of Finance," Finance Ministry said in a statement.

According to details put out by Ministry of Finance, borrowing is at an interest rate of 5.19 per cent and is intended to make weekly releases of Rs 6,000 crore to States. ter of borrowing is expected to be broly in range of 3 to 5 years.

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