As per data released by the Finance Ministry on Tuesday, GST collections for October 2022 (for sales in September 2022) rose to Rs 1,51,718 crore, the second highest since the indirect tax regime was implemented in 1st July 2017.
There were 1,51,718 crores of gross GST collected in October 2022, of which 26,039 crore was collected by the CGST, 33,396 crores by the SGST, 81,778 crores by the IGST (including 37,297 crores collected by the importers), and 10,505 crores by the Cess, which was the second highest amount ever collected.
The Indian government has settled INR 37,626 crore to CGST and INR 32,883 crore to SGST from IGST as per the regular settlement. A total of Rs 22,000 crore has also been settled by the Centre and States at random in a 50:50 ratio.
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In the month of October 2022, after the regular and adhoc settlements, the CGST revenue accrued to the Centre and the States amounts to 74,665 crores and the SGST revenue to 77,279 crores.
The gross GST collection in October 2022 crossed Rs. 1.50 lakh crore mark for the second time, surpassing its previous record in April 2022. Also during October, domestic transactions collected the second-highest amount after April 2022.
This is the ninth month and the eighth consecutive month that the monthly GST revenue has surpassed Rs 1.4 lakh crore. A significant increase in e-way bills was generated in September 2022, as compared to August 2022, when 7.7 crores were generated.
Despite the high domestic transactions in September and August, import collections fell to 25 per cent from 28 per cent in September and 30 per cent in August despite the growth in domestic transactions.
Is there a significance to the increased revenues?
The festive season has boosted GST revenue, according to experts. Over 20 states/UTs recorded an increase in GST collections exceeding 20 per cent.
