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GST Collections Touch Rs 1.30 Lakh Crore In October

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GST collections for October 2021 rose to Rs 1.30 lakh croreGoods and Service Tax (GST) collections increased to Rs 1.30 lakh crore in October, the 2nd highest since its execution in July 2017.

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

This is the 4th consecutive time when GST collections have actually crossed Rs 1 lakh crore mark.

The collections from GST were Rs 1.17 lakh crore in September 2021.

On the other hand the federal government on Wednesday launched Rs 17,000 crore to states as GST payment, under the ongoing procedure of helping them fulfill their income shortfall.After today's contribution, the government has actually up until now released Rs 60,000 crore to the states as GST settlement for the existing monetary year.According to the decision taken by the GST Council, back to back loan of Rs 1.59 lakh crore has been released beforehand in lieu of deficiency in the release of GST settlement during the existing fiscal.The Centre has estimated the shortage in GST settlement payable to the states in the present fiscal at Rs 2.59 lakh crore, of which about Rs 1.59 lakh crore would need to be borrowed this year.Government is seeking to earn more than Rs 1 lakh crore through cess on high-end, demerit and sin items.

This quantity will be disbursed to states in order to compensate them for the deficiency in their income.




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