Oct GST mop-up 2nd highest since Apr
Indirect tax collections up 16.6% to Rs1.52 lakh cr in Oct
image for illustrative purpose
Festive Feast
- Rising tax revenues
- Pickup in consumer demand amid major festivals
- Record high was Rs1.68 lakh cr in Apr
- Central GST was Rs26,039 cr
- State GST was Rs33,396 cr
- Integrated GST was Rs81,778 cr
- Cess was Rs10,505 cr
New Delhi: GST revenues registered the second highest collection ever at Rs1.52 lakh crore in October, reflecting pickup in economic activity in the festive season. The collections in October this year recorded a 16.6 per cent rise over Rs 1.30 lakh crore collected in the same month last year. Goods and Services Tax (GST) collection had touched a record high of nearly Rs 1.68 lakh crore in April. In September, it was Rs 1.48 lakh crore. "The gross GST collected in the month of October 2022 is Rs 1,51,718 crore, of which central GST is Rs 26,039 crore, state GST is Rs 33,396 crore, integrated GST is Rs 81,778 crore (including Rs 37,297 crore collected on import of goods) and cess is Rs 10,505 crore (including Rs 825 crore collected on import of goods), which is second highest till date," an official statement said.
The total revenue of the Centre and the States after regular as well as Adhoc settlements in the month of October 2022 is Rs74,665 crore for CGST and Rs77,279 crore for the SGST. GST mop-up has been over Rs1.40 lakh crore for eight months in a row, while for two months it has crossed the Rs1.50 lakh crore-mark.
During the month of September 2022, 8.3 crore e-Way bills were generated, which was significantly higher than 7.7 crore e-way bills generated in August 2022.
ICRA chief economist Aditi Nayar said the sharp sequential pickup in the headline GST collections in October 2022 reflects a combination of quarter-end flows relating to the transactions in the previous month, as well as the surge in GST e-Way bills ahead of a robust festive season.
