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Why GST collection has surged According to The Trend? Explained Here.

Why GST collection has surged According to The Trend? Explained Here.

Revenue receipts under the Goods and Services Tax (GST) in October (for sales in September) increased by 23.7 percent year on year to Rs 1,30,127 crore. This is the second-highest revenue collection under GST since its implementation in July 2017. All thanks to increased economic activity and a number of compliance measures adopted by tax officials to combat evasion.

The highest GST receipts so far in the indirect tax regime were Rs 1,41,384 crore in April this year, accounting for year-end transactions. According to data given by the Finance Ministry, tax payments are being made on time, which is up from prior months.

Trends in GST

In October, gross GST income was Rs 1,30,127 crore, with CGST at Rs 23,861 crore, SGST at Rs 30,421 crore, IGST at Rs 67,361 crore (including Rs 32,998 crore collected on goods imports). And cess at Rs 8,484 crore (including Rs 699 crore collected on import of goods).

GST collection for October 2021 marked the second-highest since the implementation of GST. Rs 1,30,127 crore gross GST revenue collected in October. GST receipts in October 2021 are 24 percent higher than in the same month last year. It is 36 percent higher than in ’19-20. Finance Minister Nirmala Sitharaman said this in a tweet.

Why GST collection has surged According to The Trend? Explained Here.

Maharashtra saw a 23 percent increase in GST collections in October, while Tamil Nadu saw an 11 percent increase.  Gujarat saw a 25% increase, and Karnataka saw an 18 percent increase.

Due to the Christmas season, tax experts predict that the upward trend in collections would continue in the following months. “The substantial GST receipts are pretty promising and clear evidence of economic recovery. Abhishek Jain, Tax Partner, EY India said this. We should expect comparable or possibly larger receipts in the following months, given the present Christmas season.

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