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GST revenues cross ₹1.05 lakh crore for October
Revenues from the Goods and Services Tax surpassed ₹1.05 lakh crore in October, up 10% from a year ago, and the highest recorded since February 2020.
The government cited the GST inflows that crossed the ₹1 lakh crore mark for the first time in this financial year, as a ‘clear’ sign of a recovery in the economy after its 23.9% contraction in the first quarter of this year. However, economists and businesses are cautious about the sustainability of this trend.
Tax experts said the expected shortfall in GST compensation for States could be lower than the current estimate of ₹2.35 lakh crore, if this revenue momentum is maintained through the rest of 2020-21.
As per data released by the Finance Ministry on Sunday, the gross GST revenue collected in October was ₹1,05,155 crore, 10.25% higher than a year ago, and 10.1% more than the indirect tax revenue garnered in September.
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