GST Collections Touch Rs 1.30 Lakh Crore In October

GST collections for October 2021 rose to Rs 1.30 lakh crore

Goods and Service Tax (GST) collections rose to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017.

The highest-ever GST collection of Rs 1.41 lakh crore was recorded in April 2021.

This is the fourth consecutive time when GST collections have crossed Rs 1 lakh crore mark. The collections from GST were Rs 1.17 lakh crore in September 2021.

Meanwhile the government on Wednesday released Rs 17,000 crore to states as GST compensation, under the ongoing process of helping them meet their revenue shortfall.

After today’s contribution, the government has so far released Rs 60,000 crore to the states as GST compensation for the current financial year.

According to the decision taken by the GST Council, back to back loan of Rs 1.59 lakh crore has been released in advance in lieu of shortfall in the release of GST compensation during the current fiscal.

The Centre has estimated the shortfall in GST compensation payable to the states in the current fiscal at Rs 2.59 lakh crore, of which about Rs 1.59 lakh crore would have to be borrowed this year.

Government is looking to earn more than Rs 1 lakh crore through cess on luxury, demerit and sin goods. This amount will be disbursed to states in order to compensate them for the shortfall in their revenue.

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