GST receipts in October were Rs 1.30 lakh crore, the second highest in 2021
The GST print for October brings the year's total gross GST collection to Rs 8.12 lakh crore. With the exception of June (Rs 92,849 crore), the current fiscal year has gone comfortably above the Rs 1 lakh crore barrier.
GST receipts for October, the start of the demand-boosting festive season, came in at Rs 1.30 lakh crore, up from Rs 1.17 lakh crore in September, signalling a stronger economic rebound in the second half of fiscal year 2021-22.
After Rs 1.41 lakh crore in April, October GST receipts were the second highest of the year. The GST print for October brings the year’s total gross GST collection to Rs 8.12 lakh crore. With the exception of June (Rs 92,849 crore), the current fiscal year has gone comfortably above the Rs 1 lakh crore barrier.
“This is in keeping with the general economic recovery trend. This is also obvious in the monthly trend in the number of e-way bills created since the second wave “In a statement, the Finance Ministry noted.
“Revenues would have been higher if sales of vehicles and other products had not been harmed due to disruptions in semi-conductor supply,” it stated.
As previously reported, the government expects net tax receipts (direct and indirect taxes) to easily exceed the projected target of Rs 15.45 lakh crore this fiscal year. However, as budget preparations get underway, greater spending is a concern.
