Economy

GST revenues cross ₹1.51 lakh crore in October

By: helloscholar news team

Date:

GST revenue collected for the month of October was the second-highest ever, next only to the April 2022 collection. In October, Rs 1,51,718 crore were collected by the government. Out of this, CGST amounted to Rs 26,039 crore, SGST to Rs 33,396 crore, IGST to Rs 81,778 crore (including Rs 37,297 crore collected on import of goods) and cess to Rs 10,505 crore (including Rs 825 crore collected on import of goods).

The Ministry of Finance said that the government settled Rs 37,626 crore to CGST and Rs 32,883 crore from IGST as regular settlement. It also settled Rs 22,000 crore on adhoc basis between centre and states.

For the month of October, the total revenue of the centre and states after regular settlements was Rs 74,665 crore and Rs 77,279 crore respectively.

October collections were the second highest monthly collection, which is second only to April 2022 collections. October is also the second time when the GST collection crossed Rs 1.50 lakh crore mark. The collection from domestic transactions was also second highest in October.

GST revenues have been over Rs 1.4 lakh crore mark for the eighth time in a row and for the ninth time overall. E-way bills generated in September were 8.3 crore, higher than August’s 7.7 crore e-way bills.

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