Is India's economy returning back to normal, at least Tax collection shows so, increased by 10%

 The Indian economy seems to be returning back to normal with GST revenue collection increasing 10 % in the month of October over September touching the GST collection to Rs 1,05,155 crore.

“The gross GST revenue collected in the month of October is Rs 1,05,155crore of which CGST is Rs 19,193 crore, SGST Rs 25,411 crore,  and IGST is Rs  52,540 crore (including ₹ 23375crore collected on import of goods) and Cess is Rs 8,011crore (including Rs 932 crore collected on import of goods). The total number of GSTR-3B Returns filed for the month of October up to 31st October is 80 lakh,” said a senior officer of the Finance Ministry here on Sunday.

He said the government has settled Rs 25,091 crore to CGST and Rs 19,427 crore to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of October is Rs 44,285 crore for CGST and Rs 44,839 crore for the SGST.

The revenues for the month are 10% higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 9% higher and the revenues from domestic transaction (including import of services) are11% higher than the revenues from these sources during the same month last year, the Ministry said.

The growth in GST revenue as compared to that in months of July, August and September is minus14%, minus 8% and 5% respectively clearly showing the trajectory of recovery of the economy and, correspondingly, of the revenues.