The Union Ministry of Finance announced on Monday that the gross Goods and Services Tax (GST) revenue collection for October 2021 stood at more than Rs 1.30 lakh crore. The ministry added that this was the second-highest GST revenue ever collected, second only to that of April this year. 

The GST revenue for April 2021 was recorded at Rs 1,41,384 crore, 14 per cent more than the collection for the previous month.

“The gross GST revenue collected in the month of October 2021 is Rs 1,30,127 crore, of which CGST (Central GST) is Rs 23,861 crore, SGST (State GST) is Rs 30,421 crore and IGST (Integrated GST) is Rs 67,361 crore and Cess is Rs 8,484 crore. The government has settled Rs 27, 310 crore to CGST and Rs 22,394 crore to SGST from IGST as regular settlement. The total revenue of the Centre and States after regular settlements in the months of October 2021 is Rs 51,171 crore for CGST and Rs 52,815 crore for SGST,” the ministry noted in its statement. 

IGST, CGST and SGST are categories under the GST regime, which came into effect on July 1, 2017. The IGST is collected by the Central government and then distributed to the Central and the State governments. The CGST and the SGST are directly collected by Central government and the State governments respectively. 

The ministry’s statement also highlighted that the GST revenue for October 2021 was 24 per cent higher than the corresponding figure last year and 36 per cent more than that for 2019-20. “During this month (October 2021), revenues from import of goods are 39 per cent higher and those from domestic transaction are 19 per cent higher than the revenues from these sources during the same month last year,” it said. 

The Nirmala Sitharaman-headed ministry further noted that such a high revenue collection was very much in line with the trend in economic recovery.