GST COLLECTIONS MAY CROSS 1 LAKH CRORE MARK FOR THE FIRST TIME IN 8 MONTHS

Goods and Services Tax (GST) collections, a barometer of economic health, are expected to exceed Rs 1 lakh crore in October for the first time in eight months since the coronavirus pandemic gripped India and forced a national lockdown, according to two officials with direct knowledge of the situation.

Going by the filing of GST returns, the indirect tax collection in October “could be in excess of Rs 1 lakh crore,” one of the officials said. That’s going by returns filed through GST form number 3B (GSTR-3B), a monthly summary of transactions filed by taxpayers by October 20, the last date for filing of GST returns for the previous month. Over 1.1 million GSTR-3B returns had been filed by October 20 compared to 485,000 by the same day last year, the first official said.
That’s good news for the government, which is borrowing Rs 1.1 lakh crore to compensate states for a part of the estimated Rs 2.35 lakh shortfall this fiscal year in their share of revenue from GST.

Source : Hindustan Times

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