Pointing to incipient signs of economic recovery, the Ministry of Finance has said the Goods and Services Tax (GST) revenue collections for the month of October 2020 were Rs 1,05,155 crore, which is 10 percent higher than October 2019. This made it the first time monthly revenues crossed the Rs 1 lakh crore mark in FY21.
The Ministry said that of the total collection in October 2020, CGST was Rs 19,193 crore, SGST was Rs 25,411 crore, IGST was Rs 52,540 crore and cess was Rs 8,011 crore. The total revenue earned by Central Government and the State Governments after regular settlement in the month of October, 2020 is Rs 44,285 crore for CGST and Rs 44,839 crore for the SGST.
In October 2020, the central government settled Rs 25,091 crore to CGST and Rs 9,427 crore to SGST from IGST as regular settlement. The finance ministry also said 80 lakh GSTR-3B returns were filed during the month.
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