Wednesday, May, 22,2024

Latest News

Second highest collection of gross GST revenue in Oct

New Delhi: 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. Of the gross GST revenue collected in October, central goods and services tax (CGST) is Rs 26,039 crore, state goods and services tax (SGST) is Rs 33,396 crore, integrated goods and services tax (IGST) is Rs 81,778 crore (including Rs 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 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.
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 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.
In September, the finance ministry indicated that the GST portal maintained by GSTN has fully stabilised and is glitch-free because there were some incidents of glitch reported while people were using the portal. September also saw another milestone getting crossed when more than 1.1 crore e-way bills and e-invoices, combined (72.94 lakh e-invoices and 37.74 lakh e-way bills), were generated without any glitch on the portal run by NIC on September 30 2022, the finance ministry said. (ANI)

  Share on

Related News