GST collection expected to cross Rs 1.5 lakh crore in October
On account of rising demand and good tax compliance, India’s tax collection from the sale of goods and services soared 26 per cent to Rs 1.47 lakh crore in September.
The gross revenue from goods and services tax (GST) rose 18 per cent year-on-year to Rs 1,51,718 crore in October 2022, according to government data released on Tuesday. The revenue for October 2022 is the 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 government, according to the ministry of finance.
The government has settled Rs 37,626 crore to CGST and Rs 32,883 crore to SGST from IGST as regular settlement. In addition, the Centre has also settled Rs 22,000 crore on ad hoc basis in the ratio of 50:50 between the Centre and the states. The total revenue of the Centre and the states after regular as well as ad hoc settlements in October 2022 is Rs 74,665 crore for CGST and Rs 77,279 crore for the SGST.
As per official data, Maharashtra and Gujarat recorded the highest GST collections on a monthly basis, followed closely by Tamil Nadu and Karnataka. As per details, the Mumbai zone contributes 18 per cent of CGST and 25 per cent of customs duty collections, and the megapolis also chips in with 7 per cent of the national GDP.
