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November 5, 2019

GST Collection in October remains below ₹1 Lakh Crore mark

GST Revenue October


According to the data released by the Ministry of Finance on Friday, the GST collection in October 2019 stood at ₹95,380, a 5.29% decline compared to the same month last year. However, the GST revenue grew marginally by 3.76% in comparison to September as businesses stocked up for the festive season. The total revenue from GST in September 2019 stood at ₹91,916 Crore and the collection in October 2018 stood at ₹1,00,710 Crore.

This is the third consecutive month when GST revenue has remained below the ₹1 Lakh Crore mark. The overall GST revenue in April-October 2019 increased by 3.38% year-on-year with the domestic component growing by 6.74% while GST on imports showed a decline. An official data released on Thursday showed, in the midst of the slowdown, the core sector output of eight major industries had declined by 5.2% in September, its worst performance in 14 years.

CGST, SGST, and IGST Collection in October

Out of the gross GST collection of ₹95,380 Crore in the month of October 2019, CGST stood at ₹17,582 Crore, SGST was ₹23,674 Crore, IGST was ₹46,517 Crore (including ₹21,446 Crore collected on imports), and cess was ₹7,607 Crore (including ₹774 Crore collected on imports). As per the official statement, the total number of GSTR-3B (summary of self-assessed return) returns filed for the month of September up to 31st October 2019 was 73.83 Lakh.

The ministry said in its statement that the government has settled ₹20,642 Crore to CGST and ₹13,971 Crore to SGST from IGST as regular settlement. The total revenue earned by Central and the State governments after regular settlement in the month of October 2019 was ₹38,224 Crore for CGST and ₹37,645 for the SGST. The GST revenue data of November would be the one to watch out for as it will cover the festive period.

Arpita Bora is leading the content writing team at HostBooks Limited. She has pursued her Masters in Commerce. With over 4.5 years of experience in technical and creative writing, she specializes in both long and short-form digital content.

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