GST collection Post Impressive Figures in  October

Last Updated at: Jan 13, 2021
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GST collection
GST collections for November rose 1.4% on an annual basis at ₹1,04,963 lakh crore. The Government said on the 1st December 2020. The collections  stood at  ₹1,05,155 lakh crore in October 2020. The total number of GSTR-3B Returns filed for November up to 30th November 2020 is 82 lakh.

Indian Economy is Back on Track: GST Collection Post Impressive Figures in  October

Indian economy is on the right path for a sustained revival. This is evident from promising numbers coming from different sectors and nothing is more encouraging than the GST collection figures released recently by the Finance Ministry. This indicates that the stagnation in the economy created by the COVID-19 disruption is behind us and India is heading for a robust economic recovery.
According to the data released by the Finance Ministry, GST revenue collection has surpassed Rs 1.05 lakh crore in October 2020. To be more precise, the gross GST collection in this month was Rs 1,05,155 crores. This is 10% more than the collection in October 2019 which stood at Rs 95,379 crore.  Just to add, there has been a 9% rise in revenue from goods imported. Further, 11% rise in revenue from domestic transactions during the same period. The GST collection in October has been the highest in this financial year so far. The highest is since February 2020. This is quite a transformation from the gloomy days of the first quarter of this financial year which registered a 23.9 % contraction. 

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It is beyond doubt that the nationwide lockdown predictably put blocks on the path of the economic progress of the country earlier this year. But, the recent growth in GST collection indicates that the Indian economy is not only recovering but also is heading for sustained growth. The GST collection in October 2020 is up by 14%, 8%, and 5% that what it is in July, August, and September. The current upsurge in GST inflows can be attributed to the boost in festive demand. Further, a resulting increase in input tax credits. Experts also believe that this upsurge will continue in November as well, thanks to the continuing festivities. 
Discover the GST rate, HSN code, or SAC code for all goods and services by using our GST rate finder service. This finder service is also known as the HSN code finder. For products and services, GST is calculated on the basis of an item’s HSN or SAC code.

 

There is an ‘icing on the cake’ too! The Finance Secretary recently said that another relief package from the Government is in the pipeline. This expects to stimulate the economy further. In an interview with ANI, he said that the Government is calibrating strategies to chalk out effective measures. He also said the Government had solicited suggestions from different ministries, trade associations, and industry bodies in this regard. We are hopeful that more good news is due to come our way sooner than later. 

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