Home > Business > Odisha records 49pc growth in GST collection in October

Odisha records 49pc growth in GST collection in October

TBB BUREAU

BHUBANESWAR, NOV 1, 2021

Odisha has recorded 49 per cent increase in the gross GST collection during the month of October 2021 compared to the same month of the previous year.

The State has collected Rs 3,593 crore in October 2021 as against Rs 2,419 crore collected in the same period in the year 2020, mopping up Rs.1,174 crore additional amount during last month.

The gross GST revenue collected in the country in the month of October 2021 is Rs 1,30,127 crore of which CGST is Rs  23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore (including Rs 32,998 crore collected on import of goods) and Cess is Rs 8,484 crore (including Rs 699 crore collected on import of goods).

The government has settled Rs 27,310 crore to CGST and Rs 22,394 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of October 2021 is Rs 51,171 crore for CGST and Rs 52,815 crore for the SGST.

The revenues for the month of October 2021 are 24 per cent higher than the GST revenues in the same month last year and 36% over 2019-20. During the month, revenue from import of goods was 39 per cent higher and the revenues from domestic transaction (including import of services) are 19 per cent higher than the revenues from these sources during the same month last year.

The GST revenues for October have been the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues. This is very much in line with the trend in economic recovery. This is also evident from the trend in the e-way bills generated every month since the second wave. The revenues would have still been higher if the sales of cars and other products had not been affected on account of disruption in supply of semi-conductors. Chart 1 shows the upward trend in number of e-way bills generated during the month and the amount of taxable value clearly indicating the recovery in economic activity.

The revenues have also been aided due to the efforts of the State and Central tax administration resulting in increased compliance over previous months. In addition to action against individual tax evaders, this has been a result of the multipronged approach followed by the GST Council. On one hand, various measures have been taken to ease compliance like nil filing through SMS, enabling Quarterly Return Monthly Payment (QRMP) system and auto-population of return.

During past one year, GSTN has augmented the system capacity considerably to improve user experience. On the other hand, the Council has also taken various steps to discourage non-compliant behaviour, like blocking of e-way bills for non-filing of returns, system-based suspension of registration of taxpayers who have failed to file six returns in a row and blocking of credit for return defaulters. Number of returns (GSTR-3B) of every month/quarter by the end of next month is a good parameter indicating timely payment of returns and filing of returns. After last date of filing of returns, special efforts are undertaken to ensure compliance by the end of the month in form of messaging by GSTN and close follow up by the Centre and State tax administration.

About admin

Leave a Reply

Your email address will not be published. Required fields are marked *

*