Popcorn Paradox
India’s Goods and Services Tax, introduced with the promise of simplifying the tax structure, has once again come under scrutiny.
The gross GST revenue collected in the month of October 2020 is Rs 1,05,155crore of which CGST is Rs 19,193 crore, SGST is Rs 25,411 crore, IGST is Rs 52,540 crore (including Rs 23375 crore collected on import of goods) and Cess is Rs 8,011crore (including Rs 932 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of October up to 31st October 2020 is 80 lakh.
The government has settled Rs 25,091 crore to CGST and Rs 19,427 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of October 2020 is Rs 44,285 crore for CGST and Rs 44,839 crore for the SGST.
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The revenues for the month are 10% higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 9% higher and the revenues from the domestic transaction (including import of services) are 11% higher than the revenues from these sources during the same month last year.
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The growth in GST revenue as compared to that in months of July, August and September 2020 of -14%, -8% and 5% respectively clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues.
The chart shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of October 2020 as compared to October 2019 and for the full year.
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