GST revenue may cross Rs 1 lakh-crore mark in October

The revenue from the Goods and Services Tax (GST) may cross Rs. 1 Lakh crore in October. This was reported by Hindustan Times quoting top officials.

For the last 8 months the GST revenue has not crossed Rs 1 lakh crore. So this will be for the first time in eight months since the coronavirus pandemic affected India. The GST revenue in September was  95,480 crore.

Earlier, the union government has decided to borrow 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.

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As per reports, over 1.1 million GSTR-3B returns had been filed by October 20 compared to 485,000 by the same day last year.