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GST collections rise to Rs 1.52 lakh crore in October, second highest ever

Goods and Services Tax mop-up has been over Rs 1.40 lakh crore for eight months in a row.

November 25, 2022 / 05:39 PM IST
GST

GST

India collected Rs 1.52 lakh crore in Goods and Services Tax (GST) in October, the second-highest ever collection, the finance ministry said on November 1.

Monthly GST revenues have been more than Rs 1.40 lakh crore for eight months in a row, an indication of continued economic recovery.

“The revenue for October 2022 is the 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 Rs. 1.50 lakh crore mark,” the finance ministry said.

The GST mop-up in April 2022 was Rs 1.68 lakh crore. The gross GST collection was Rs 1.30 lakh crore in October 2021 and Rs 1.42 lakh crore in September 2022.

”The fact that the collections have moved up to a new level in excess of Rs 1.5 lakh crore is impressive and is on account of the festive primary and secondary demand together with the various measures taken to improve compliance," MS Mani, Partner at Deloitte India said.

In October, Central GST was at Rs 26,039 crore, while State GST was Rs 33,396 crore. Integrated GST was Rs 81,778 crore and cess was Rs 10,505 crore.

The government settled Rs 37,626 crore to Central GST and Rs 32,883 crore to State GST from Integrated GST. It also settled Rs 22,000 crore on ad hoc basis in the ratio of 50:50 between Centre and states.

As such, post settlement, the total revenue of the Centre and the states in October was Rs 74,665 crore and Rs 77,279 crore, respectively.

While overall GST collections posted an impressive year-on-year growth in October, several states and Union Territories (UTs) continued to see sub-14 percent growth in their revenues.

In all, 17 states and UTs saw their GST revenues rise by less than 14 percent in September. Several states saw a fall in their GST revenues year on year.

With the protected GST revenue period having ended on June 30, states are no longer compensated if their collections aren't 14 percent higher compared to the corresponding month of last year.
Moneycontrol News
first published: Nov 1, 2022 12:21 pm