PANJIM: The Gross Goods and Services Tax (GST) revenue collected in the month of October 2021 for the State of Goa is Rs 317 crore.
This marks a 3 per cent increase in the GST collection of the corresponding period of the previous year, wherein the collection was Rs 310 crore in October 2020 for Goa.
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This comes on the heels of the Union Ministry of Finance releasing Rs 234.28 crore to the Goa government under the back-back loan facility in lieu of GST compensation. The amount was released after taking into account the earlier amounts that were released on July 15, 2021 and October 7, 2021.
Furthermore, the release of Rs 234.28 crore was in addition to normal GST compensation being released every two months out of actual cess collection.
Speaking about the figures released on November 1, the Union Finance Ministry stated that the GST revenues for October 2021 have been the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues. Incidentally, these figures do not include GST on import of goods.
The Ministry added that the October GST 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,” said the Finance Ministry in a statement issued, on Monday.
