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