Friday, December 9, 2022

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GST collection in October over Rs1.51 trn due to massive festive sales

New Delhi: India’s tax revenue from the sale of goods and services surged to Rs 1.51 trillion in October, owing to festive demand, higher rates, and improved tax compliance.

Only April 2022 will have a higher monthly collection than October’s, and this is the second time the gross GST collection has surpassed the Rs. 1.50 trillion threshold.

The amount collected from domestic transactions in October was second only to that in April. As of this ninth month, the monthly GST revenue has exceeded Rs 1.4 trillion for the eighth consecutive month.

As many as 83 million e-way bills were produced in September 2022 as opposed to 77 million in August 2022.

According to preliminary figures released by the finance ministry on Tuesday, central GST was Rs 26,039 crore, state GST was Rs 33,396 crore, integrated GST was Rs 81,778 crore (including Rs 37,297 crore collected on import of goods), and cess was Rs 10,505 crore (including Rs 825 crore collected on import of goods).

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