GST collection surpass Rs. 1.5 Lac Crore mark in October 2022

Gross GST revenue collection for the month of October 2022 has gone up to Rs. 1,51,718 crore, making it the second-highest monthly collection to date.

The only other time that the gross GST collection has been higher than Rs. 1.5 lac crore this year was in April of 2022; this would be considered the second time.

In a statement, the Minister of Finance released a detailed breakdown of the Goods and Services Tax (GST) collections that were made for the month of October 2022.

Minister stated that the total amount collected from GST includes the CGST collection of Rs. 26,039 crore, the SGST collection of Rs. 33,396 crore, the IGST collection of Rs. 81,778 crore including Rs. 37,297 crore from import of goods, and the Cess collection of Rs. 10,505 crore including Rs. 825 crore from import of goods.

The government has made a normal settlement of Rs. 37,626 crore to CGST and Rs. 32,883 crore to SGST from IGST, according to a Statement issued by the Ministry. In addition, the Center has arbitrarily settled Rs. 22,000 crore in a 50:50 split between the Centre and States.

After regular and ad hoc settlements, the combined collection for the Center and the States in the month of October 2022 was Rs. 74,665 crore for the CGST and Rs. 77,279 crore for the SGST.

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