GST collection in October up 24% at Rs 1.3 trillion, second highest ever.
The finance ministry expects the positive trend to continue and therefore the the} half of the year can post higher revenues.
In step with the constant rise within the past 5 months, merchandise and services tax (GST) collected in October rose to Rs 1.3 trillion, that is twenty four per cent on top of in the same amount a year past and thirty six per cent more than the gathering in the equivalent month of 2019-20, which was before the pandemic. this is often the second highest collection since the introduction of the new indirect regime in 2017, reflective robust economic recovery in the last half of the year.
The highest assortment ever was quite Rs 1.40 trillion in April this year. The finance ministry expects the positive trend to continue and therefore the the} half of the year can post higher revenues. “This is incredibly a lot of in line with the trend in economic recovery. this is often also evident from the trend within the e-way bills generated each month since the second wave. The revenues would have still been higher if the sales of cars and alternative product had not been affected on account of disruption in provide of semiconductors,” the ministry same on Monday. Further, the ministry same the efforts of the state and Central tax administration helped collection, leading to enlarged compliance over previous months.