New Delhi: Indicating recovery in economic activities, the total GST revenue in the month of October stood at Rs 1,30,127 crore.
Of this amount, the CGST component is Rs 23,861 crore, SGST Rs 30,421 crore, IGST Rs 67,361 crore and Cess Rs 8,484 crore.
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The revenue for the month of October is 24 percent more than the GST revenue in the corresponding month of last year and 36 percent more than that of 2019-20.
“During the month, the revenue from import of goods was 39 per cent higher and the revenue from domestic transactions (including import of services) was 19 per cent higher than the revenue from these sources during the same month last year,” the Union Finance Ministry said. a release.
The GST revenue for October has been the second highest ever since the implementation of GST, second only to April this year.
The Finance Ministry said that this is largely in line with the trend of economic recovery.
“This is also evident from the trend of e-way bills being generated every month since the second wave. Had the sale of cars and other products not been affected due to the disruption in semi-conductor supply, the revenue would still have been higher,” the ministry said.
The finance ministry said the efforts of the state and central tax administrations have also helped in revenue, resulting in increased compliance over the past months.
“Apart from taking action against individual tax evaders, this is the result of a multi-pronged approach adopted by the GST Council. On the one hand, various measures have been taken to ease compliance such as zero filing through SMS, enabling Quarterly Return Monthly Payment (QRMP) system and auto-population of returns. During the last one year, GSTN has significantly enhanced the capability of the system to improve the user experience,” the Finance Ministry said.
“On the other hand, the council has taken several steps to discourage non-compliance behaviour, such as blocking of e-way bills for non-filing of returns, system-based suspension of registration of taxpayers who fail to file six returns. are. A line and blocking of credit for return defaulters,” the ministry said.
The Finance Ministry further said that the council decided to waive the late fee to allow people to file old returns and come up-to-date in filing returns.
“With more and more taxpayers filing returns every month, the percentage of old period returns filed in any given month is continuously increasing,” the ministry said.
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