GST Collections for the month of October have been released by the Finance Ministry today. According to the data, October's GST numbers have become the second highest collection ever, breaching the Rs 1.5 lakh crore mark.
Collections from Goods and Services Tax (GST) have made new records, as per the recently released government data. According to the release, the gross GST revenue collected in October 2022 has become the second highest ever. A figure standing at Rs 1,51,718 crore, October’s GST collection is reportedly next only to the collection in April 2022.
Elaborating on the GST collections for the month of October, the government's data has also given a breakup of the same. It has settled Rs 37,626 crore to CGST and Rs 32,883 crore to SGST from IGST as a regular settlement. In addition to this, the government has also settled Rs 22,000 crore on adhoc basis between itself and the states in the ratio of 50:50.
Apart from recording the second highest GST collections ever, the month of October 2022 also witnessed the second highest collection from domestic transactions, again next only to April 2022. As far as the e-way bills go, in September 2022, 8.3 crore of them were generated as compared to 7.7 crore e-way bills in August 2022.
According to experts, India recording high GST collections also comes as a surprise given the mixed global cues. At a time when several economists have been raising red flags on the threats of rising inflation, the second highest collection ever of GST, also gauges attention.
Parag Mehta, Partner, Indirect Tax, N.A. Shah Associates said, "It proves the fact that GST has now settled, proper systems are in place and compliance level has increased substantially. October was also a month of festivals and holidays wherein the people have splurged on real estate, vehicles, holidays and other necessities. The collections have improved on monthly basis from April 2022 making it amply clear that India is currently not in the recession stage and has a strong and robust economy in place."