GST collection crossed ₹1 lakh crore in Oct 2020

This might be the good news for government since Covid-19 pandemic…!!!

The goods and services tax (GST) collections are likely to cross ₹1 lakh crore in October 2020 for the first time in eight months since the coronavirus induced restrictions halting economic activity and forced a countrywide lockdown as a preventive measure against the Covid-19.

It is worth mentioning here is that revenue collections from the GST touched its highest level so far this fiscal in September at ₹95,480 crore, indicating that economic activity is picking up steam in tandem with the easing of lockdown restrictions. In addition to this, the revenues for the month were 4% higher than the total GST collection in the same month last year.

More than 1.1 million GSTR-3B returns had been filed by October 2020 as compared with 485,000 by the same day last year. So far data collected demonstrate that GST revenue accruals in October robust due to easing of lockdown restrictions and the start of business operations. 

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