GST collection in October stands at Rs 1,51,718 crore

New Delhi: The gross GST revenue collected in the month of October 2022 stood at Rs 1,51,718 crore, data shared by Finance Ministry showed on Tuesday.This is the second highest collection ever with, next only to the collection in April 2022.

Of the gross GST, CGST is Rs 26,039 crore, SGST is Rs 33,396 crore, IGST is Rs 81,778 crore (including ? 37,297 crore collected on import of goods) and Cess is Rs 10,505 crore (including Rs 825 crore collected on import of goods), which is second highest till date, the data showed.

October also saw the second highest collection from domestic transactions, next only to April 2022.This is the ninth month and for eight months in a row now, that the monthly GST revenues have been more than the Rs 1.4 lakh crore mark, the finance ministry said.

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.

Commenting on the GST collection, Aditi Nayar, Chief Economist, ICRA, said the sharp sequential pickup in the headline GST collections in October 2022 reflects a combination of quarter-end flows relating to the transactions in the previous month, as well as the surge in GST e-way bills ahead of a robust festive season.

With the festive season in October 2022, the generation of GST e-way bills is expected to have remained high, which should bolster the GST collections in the month of November 2022, she said.

"The dip in the YoY growth in GST collections in October 2022 was expected given the normalising base, and may continue in the next few months. We continue to expect the CGST collections to exceed the FY2023 BE by Rs 1.3-1.4 trillion," she said.(UNI)