November 1, 2022
The total amount collected in October this year was INR 151,178 crore, registering a 16.5% year-on-year growth
The streak of Goods and Services Tax (GST) revenue staying above INR 1.4 trillion mark has been maintained for the last three quarters with October collections
GST collection in October FY22 stood at NR 130,127 crore
Regarding the growth of GST collections by States and Union Territories, Ladakh lead the race by 74%
GST collection for October FY23 reached INR 1.51 trillion and it is the second-highest monthly collection since April FY23, according to a statement from the Ministry of Finance.
The total amount collected in October this year was INR 151,178 crore, registering a 16.5% year-on-year growth from October FY22’s INR 130,127 crore.
Backed by improved business activity and the pent-up demand for goods and services in the recent festive season, the streak of GST revenue staying above INR 1.4 trillion mark has been maintained for the last three quarters with October collections.
According to the statement, Central Goods and Services Tax (CGST) collections stood at INR 74,665 crore and State Goods and Services Tax (SGST) stood at INR 77,279 crore. Also, about 83 million E-way bills were generated in September this year compared to 77 million in August 2022. They greatly contributed to the revenue collections.
Regarding the growth of GST collections by States and Union Territories, experts said that Ladakh lead the race by 74%, followed by Arunachal Pradesh at 39% and Haryana at 37%.
Source: Financial Express