GST Collections Touches INR 1.52 Lakh Crore, Second Highest Since April The revenue for October 2022 is second highest monthly collection, next only to the collection in April 2022 and it is for the second time the gross GST collection has crossed INR 1.50 lakh crore mark, said a statement by finance ministry
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
GST collections for the month of October stood at INR 1.52 lakh crore, said a report shared by the finance ministry on Tuesday. This is the second highest collection since implementation of GST.
"The gross GST revenue collected in the month of October 2022 is INR 1,51,718 crore of which CGST is INR 26,039 crore, SGST is INR 33,396 crore, IGST is INR 81,778 crore (including INR 37,297 crore collected on import of goods) and Cess is INR 10,505 crore (including INR 825 crore collected on import of goods), which is second highest till date," the finance ministry said in a statement.
The revenue for October 2022 is second highest monthly collection, next only to the collection in April 2022 and it is for the second time the gross GST collection has crossed INR 1.50 lakh crore mark. 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 INR 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.
"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," said ICRA chief economist Aditi Nayar, quoted reports.
