For the first time, GST acquisitions in October reached over Rs 1.05 lakh crore, crossing Rs 1 lakh crore targets since February this year. Also, the total amount of GSTR-3B returns filed till October 31, 2020, is 80 lakh. In this article, we will discuss on GST collection October 2020.
GST collection October 2020
This is the first time GST return filing have crossed the Rs1 trillion mark and reported double-digit extension rate this fiscal after the sharp decline in the initial months following the national lockdown. After noting year-on-year contraction in the April to August period, GST collection October 2020 presented a positive trend in September. which got pronounced in October, indicating that the economic remuneration has on in line with the lifting of lockdown constraints.
The gross GST revenue earned in October 2020 for Rs 1,05,155 crore of which CGST is Rs 19,193 crore, SGST is Rs 5,411 crore, IGST is Rs 52,540 crore and cess is Rs 8,011 crore. The compensation for the month is 10 per cent bigger than Rs 95,379 crore obtained in the corresponding month last year.
Further Relaxation to Taxpayers
Before this, the compensation cess has introduced for obtaining the supply of selective goods and services which was implemented on 1st July 2022. The cess will remunerate the states for any revenue loss on account of implementation of GST. This cess was not being obligatory by exporters and those persons who have opted for compensation levy. Also know more in detail about GST Compensation Cess Now, after showing year-on-year contraction in the April to August period, GST collection October 2020 presented a positive trend in September, which got pronounced in October. Up to the end of October, eight million monthly summary tax returns was filed.
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