October GST collection rises to 1.52 lakh crore, Second highest ever

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New Delhi: India’s Goods and Service Tax (GST) revenue has touched 1.52 lakh crore in October, which is the second highest monthly collection ever after April 2022. It is also for the second time the gross GST collection has crossed Rs.1.50 lakh crore mark.

The October GST revenue is 16 percent more than October 2021’s collection of Rs.130127 crore and 6.8 percent more than September 2022’s GST collection of 141,968 crore.

As per the data released by the Ministry of Finance, out of the Rs. 1,51,718 crore collected in October, CGST is Rs. 26,039 crore, SGST is Rs. 33,396 crore, IGST 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.

The government has settled ₹ 37,626 crore to CGST and ₹ 32,883 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 22,000 crore on adhoc basis in the ratio of 50:50 between Centre and States. The total revenue of Centre and the States after regular as well as adhoc settlements in the month of October 2022 is ₹74,665 crore for CGST and ₹ 77,279 crore for the SGST.

October also saw the second highest collection from domestic transactions, next only to April 2022. This is the ninth month and for eight months in a row now, that the monthly GST revenues have been more than the ₹ 1.4 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.

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