(Image source from: Cnbctv18.com)

The revenue collection of Goods and Service Tax (GST) witnessed a huge jump by 13 percent YoY in the month of October making Rs 1.72 lakh crores. This happens to be the second highest GST revenue collected this year. April stands first in the GST collections as it marks the end of the financial year. Out of Rs 1.72 lakh crores, Rs 30,062 crores is CGST, Rs 38,171 crores is SGST and Rs 91,315 crores is IGST. The rest of Rs 12,456 crores is cess. As per the official reports, the revenue of Centre and States of India in October are said to be Rs 72,934 crores for CGST and Rs 74,785 crores for SGST.

The revenue from the domestic transactions are quite high in the month of October and this is 13 percent higher than the revenues that came from these sources in October last year. This is a huge boost for the Indian economy. The GST Authorities have sent notices to recover the non-payment of tax and several disputes are settled from the past. The financial experts say that the GST revenues are expected to improve in the coming days because of the festival season which is arriving soon.