October GST receipts were Rs 1.3 lakh crore, the second-highest ever

The government earned Rs 1.3 lakh crore from the goods and services tax (GST) in October, the second largest monthly total since the tax was implemented in 2017, reflecting a solid trend of continued economic recovery in the second half of the financial year.

The largest income ever recorded was Rs 1.41 lakh crore in April 2021. Revenues in October were 24 percent higher year over year and 36 percent higher than in the same month of FY20.

In a statement released Monday, the finance ministry stated, “This is very much in accordance with the trend in economic recovery.” Since the second wave, the trend in the number of e-way bills issued per month has shown signs of recovery.

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The GST Council has also taken steps to make compliance easier, including as allowing nil filing through SMS, activating the Quarterly Return Monthly Payment (QRMP) scheme, and auto-filling returns.

“Over the last year, GSTN has significantly increased system capacity to improve user experience,” the ministry noted.

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Various measures, such as the banning of e-way bills for non-filing of returns, the system-based suspension of registration of taxpayers who have failed to file six returns in a row, and the blocking of credit for return defaulters, have been implemented to deter non-compliant behaviour.

Following the last date for filing returns, special efforts are made in the form of GSTN messaging and close follow-up by the Centre and State tax administrations to guarantee compliance by the end of the month.

In October 2021, gross GST income was Rs 1,30,127 crore, with CGST at Rs 23,861 crore, SGST at Rs 30,421 crore, IGST at Rs 67,361 million (including Rs 32,998 crore collected on imports of goods), and Cess at Rs 8,484 crore (including Rs 699 crore collected on import of goods).

As part of the monthly settlement, the government has paid Rs 27,310 crore to the CGST and Rs 22,394 crore to the SGST. After regular settlements, the total income of the Centre and the States in October 2021 is Rs 51171 crore for the CGST and Rs 52,815 crore for the SGST.

Revenues from imports of products were 39 percent higher during the month, while revenues from domestic transactions (including imports of services) were 19 percent higher than in the same month the previous year.