GST collection rises to Rs 1.30 lakh crore in October, second-largest collection since July 1, 2017

Posted on 1st Nov 2021 03:39 pm by rohit kumar

Goods and Services Tax (GST) collection rose to Rs 1.30 lakh crore in October. This is the second largest collection after the implementation of GST on July 1, 2017. It is above Rs 1 lakh crore for the fourth consecutive month and reflects the momentum of the festive season. Last month's GST collection was 24 percent higher as compared to October 2020. According to the Finance Ministry statement, the Gross GST Revenue in October 2021 stood at Rs 1,30,127 crore, which includes CGST Rs 23,861 crore, SGST Rs 30,421 crore, IGST Rs 67,361 crore (including Rs 32,998 crore deposited on import of goods), and Cess 8,484 crore. Rs.699 crores (including Rs.699 crore collected on import of goods) is Rs.

 

CGST stands for Central Goods and Services Tax, SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax). According to the statement, the GST collection figures match the trends in the economic recovery and this is also evident from the trends in e-way bills generated every month since the second wave. The ministry said the revenue collection would have been even higher having the sale of autos and other products not been affected by the disruption in the supply of semiconductors.

 

IPO of 5 companies will come in the first fortnight of November

 

In the first fortnight of November, IPOs of five companies including Paytm's parent company One97 Communications and PolicyBazaar's parent company PB Fintech are coming up. These initial public offerings (IPOs) are expected to raise over Rs 27,000 crore. The biggest IPO will be Paytm. The company plans to raise Rs 18,800 crore from the market. The three other companies that are going to IPO during this period include Sapphire Foods India, SJS Enterprise, and Sigachi Industries, which operates KFC and Pizza Hut.

 

Currently, the IPOs of Nykaa operating FSN E-Commerce Ventures Ltd. and Fino Payments Bank, which sell online beauty and wellness products, are open. Nykaa expects to get Rs 5,352 crore from the IPO and Rs 1,200 crore from Fino Payments Bank. Overall, the IPO of these seven companies is expected to raise Rs 33,500 crore. Earlier on September 29, Aditya Birla AMC's IPO of Rs 2,778 crore came.

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