GST collection in October crosses Rs. 1.50 lakh; 2nd highest monthly collection this year
FILE PIC
The gross GST revenue collected in the month of October 2022 was at 1,51,718 crore rupees, which is the second-highest monthly collection till date. It is for the second time the gross GST collection has crossed Rs. 1.50 lakh crore mark this year, next only to the collection in April 2022.
Giving a break-up of the October GST collections, the Minister of Finance in a statement said that CGST collection was at 26,039 crore rupees, SGST at 33,396 crore rupees whereas the IGST at ₹ 81,778 crore rupees, including 37,297 crore collected on import of goods and Cess is ₹ 10,505 crore, including ₹ 825 crore collected on import of goods.
The Ministry said, the government has settled 37,626 crore rupees to CGST and 32,883 crore rupees to SGST from IGST as regular settlement. In addition, Centre has also settled 22,000 crore rupees on adhoc basis in the ratio of 50:50 between Centre and States. The total revenue of Centre and the States after regular as well as adhoc settlements in the month of October 2022 is stood at 74,665 crore rupees for CGST and 77,279 crore rupees for the SGST.
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