An exceed in the gross GST revenue of ₹1.3 lakh crore was seen in the month of October 2021. This increase is the second highest record ever since initiation of GST, trailing only April 2021's year-end revenues. Compared to October 2020, the revenues are 24% higher of October 2021.
Total GST collection of October 2021 is ₹1,30,127 crore, segregation of which is as follows:
CGST is ₹23,861 crore, SGST ₹ 30,421 crore, IGST is ₹67,361 crore and cess ₹8,484 crore.
The government state, “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."
During the month, total revenue from import of goods is 39% higher and total revenue from domestic transaction are 19% higher than the October 2020.
The Sensex went up over 600 points in the Indian stock market (noon trade). Manufacturing sector strengthened in October as the companies increased the production in anticipation of increase in demand.
The seasonally adjusted IHS Market India Manufacturing Purchasing Managers' Index (PMI) increased from 53.7 to 55.9 in October, indicating the strongest improvement in overall operating conditions since February.
According to the survey, robust gains in new work aided production growth in October, with output and new orders expanding at their fastest rates in seven months and business optimism reaching a six-month high.