The Goods and Services Tax (GST) collection for the month of October came in at Rs 1.51 lakh crore, marking the second highest monthly collection after the domestic revenue collections registered in April this year, the Ministry of Finance said in a statement. The October collections continue to maintain the streak for three quarters now when the GST revenue has been above the Rs 1.4 lakh crore mark. The upward trend in the GST collections is pegged to an improved business activity and the recently-culminated festive season.
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As per the breakdown given by the government, out of the total revenue collections, Rs 74,665 crore has been collected through the Central Goods and Services Tax (CGST), while Rs 77,279 crore has been collected through the State Goods and Services Tax (SGST). In addition, the electronic permits for the inter- and intra-state transportation of goods shooting up significantly in September also aided the robust revenue collections. A total of 8.3 crore e-way bills were generated in September, as compared to 7.7 crores in August 2022.
Speaking on the revenue collections for October 2022, MS Mani, Partner, Deloitte India, said, “The fact that the collections have moved up to a new level in excess of Rs 1.51 lakh crore is impressive and is on account of the festive primary and secondary demand together with the various measures taken to improve compliance.” Mani also highlighted that the major uptick in collections is a broad-based phenomenon across the country as most of the major states have reported an impressive growth in GST revenue collections. The highest on-year growth in GST collections was reported by Ladakh (74 per cent), followed by Arunachal Pradesh (39 per cent) and Haryana (37 per cent).
The GST mop-up reported for the month of October was in line with the street expectations. Analysts at Barclays had stated that the GST collections were “on track to reach new highs for October.” The most recent collections of Rs 1,51,178 crore reflect a 16.5 per cent on-year growth. The collection during the same period in the previous fiscal came in at Rs 1,30,127 crore.
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