October has been the third continuous month wherein GST collection has remained less than 1 lakh crore mark. Financial experts are looking forward to the November month’s revenue collection b would be a month of festivals.
Rs 95,380 crore is the gross GST revenue that has been collected in October 2019. The gross GST collection comprises of Rs 17,582 crore (CGST), Rs 23,674 crore (SGST), Rs 46,517 crore (IGST inclusive of Rs 21,446 crore collected on imports), and Rs 7,607 crore (Cess inclusive of Rs 774 crore collected on imports). 73.83 lakh has been the overall number of GSTR 3B returns that were filed for the September month up to 31 October 2019.
As a regular settlement, the government has paid Rs 20,642 crore to CGST and Rs 13,971 crore to SGST via IGST. The overall revenue earned by both the state government as well as the central government post the regular settlement for October 2019 has been Rs 37,645 crore for SGST and Rs 38,224 crore for CGST.
When compared to October 2018, the GST revenue collection has dipped by 5.29% in October 2019. However, the total GST collection between April and October 2019 has increased by 3.38% (year-on-year). On the other hand, GST on imports has declined while the domestic component has seen an increase of 6.74% from April to October 2019.
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Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.