NEW DELHI: Goods and Services tax (GST) collections continue to show stronger growth as the collections in October breached Rs 1.5 lakh crore mark, only the second time in the history of GST.
The gross GST revenue collected in October 2022 was Rs 1,51,718 crore, the second-highest collection after Rs 167,540 crore in April this year. 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. In October, GST collection witnessed a healthy 16.5% year-on-year growth.
Out of Rs 1,51,718 crore collected in October, Central GST accounted for ₹ 26,039 crore, State GST accounted for Rs 33,396 crore, Integrated GST accounted for ₹ 81,778 crore (including ₹ 37,297 crore collected on import of goods) and Cess is ₹ 10,505 crore (including ₹ 825 crore collected on import of goods), which is second highest till date.
The government has settled ₹ 37,626 crore to CGST and ₹ 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 total revenue of Centre and States after regular as well as ad hoc settlements in the month of October 2022 is ₹74,665 crore for CGST and ₹ 77,279 crore for the SGST.
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.
In the first seven months of 2022-23, Rs 10.4 lakh crore GST has been collected so far, 29% more than the total collection in the same period last year.