GST Collection In October Rises To Over Rs 1.51 Lakh Crore, Second Highest Ever

The gross Goods and Services Tax (GST) revenue collected in the month of October 2022 is Rs 1,51,718 crore, which is the second highest collection till date, according to a Finance Ministry statement.

Out of the Rs 1.51 lakh crore GST collections, Central GST is Rs 26,039 crore, State GST is Rs 33,396 crore, Integrated GST 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).

In a statement on Tuesday (1 November), the Finance Ministry said that the government has settled Rs 37,626 crore to CGST and Rs 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 ministry said.

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 Rs. 1.50 lakh crore mark, the ministry said.

October also saw the second highest collection from domestic transactions, next only to April 2022, it added.

According to the ministry, this is the ninth month and for eight months in a row now, that the monthly GST revenues have been more than the Rs 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, the ministry said.