The increase is very much in line with the trend in economic recovery and this is also evident from the trend in the e-way bills generated every month since the second wave
This picture has been used for representational purposes
India’s Goods and Services Tax (GST) collection surged to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017, indicating economic recovery from the COVID-19 pandemic and impact of festive demand, a finance ministry statement said on Monday.
The highest GST collection of Rs 1.41 lakha crore was recorded in April 2021. This is the fourth time in a row when the GST collection was upwards of Rs 1 lakh crore. The collection from GST was Rs 1.17 lakh crore in September, 2021. Tax collections last month on goods sold and services rendered was 24 per cent higher than in October 2020, and up 36 per cent over 2019-20.
ADVERTISEMENT
The increase is very much in line with the trend in economic recovery and this is also evident from the trend in the e-way bills generated every month since the second wave.
The revenues would have still been higher if the sales of cars and other products had not been affected on account of disruption in supply of semiconductors, it added.
Rs 1.30L cr
Amount of the GST collection in October this year
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
