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GST revenue for October increases to Rs 1,51,718 crore

GST collection brings cheer

The Centre’s gross revenue collection on account of goods and services tax (GST) for the month of October stood at Rs 1,51,718 crore a jump from Rs 1,47,686 crore collected in September. The revenue for October is second highest monthly collection, next only to the collection in April 2022, reflecting a steady uptake in economic activities.

Of the total GST, CGST (Central GST) accounted for Rs 26,039 crore, SGST (State GST) Rs 33,396 crore, IGST (Integrated GST) Rs 81,778 crore (including Rs 37,297 crore collected on import of goods). Total cess collected was Rs 10,505 crore (of which Rs 825 crore came from cess collected on import of goods).

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.

According to an official statement, the government has settled Rs 37,626 crore to CGST and Rs 32,883 crore to SGST from IGST as regular settlement.

In addition, the Centre has also settled Rs 22,000 crore on ad hoc basis in the ratio of 50:50 between Centre and States. The total revenue of Centre and the States after regular as well as ad hoc settlements in the month of October 2022 stood at Rs 74,665 crore for CGST and Rs 77,279 crore for the SGST.

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