Recovery gets festive boost

New Delhi: In line with the trend in the country’s economic recovery, the gross goods and services tax, or GST, revenue collected for the month of October 2021 has crossed over Rs 1.3 lakh crore while manufacturing activities in almost all sectors have showed a significant improvement in the same month.

According to a finance ministry statement, the GST collections in October 2021 came in at Rs 1,30,127 crore.

"The GST revenues for October is the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues. The revenues for the month of October are 24 per cent higher than the GST revenues in the same month last year,"  the statement said on Monday.

Of the GST collection of of Rs 1.3 lakh crore, CGST is Rs 23,861 crore, SGST Rs 30,421 crore, IGST is Rs 67,361 crore (including Rs 32,998 crore collected on import of goods) and cess Rs 8,484 crore (including Rs 699 crore collected on import of goods).

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) also rose to 55.9 in October from 53.7 in September, pointing to the strongest improvement in overall operating conditions since February.  In PMI parlance, a print above 50 means expansion. "Robust gains in new work aided production growth in October as output and new orders expanded at fastest rates in seven months,” IHS Markit said.