GST Collections In October Second Highest Since Rollout
GST collections in October (for September) stood at Rs 1,51,718 crore. The highest GST revenue was Rs 1.67 lakh in April.
India’s monthly goods and services tax revenue collected in October crossed Rs 1.5 lakh, the second-highest on record.
GST in October, collected for September, stood at Rs 1,51,718 crore, according to a statement released by the Ministry of Finance. That compares with Rs 1,47,686 crore in September (collected for August).
Prior to this, the Rs 1.5 lakh crore mark was breached only once in April (for March), which recorded the highest ever GST revenue at Rs 1.67 lakh crore.
India’s monthly GST revenue remained above Rs 1.4 lakh crore for eighth month in a row since March (for February).
October collections are in line with estimates. Revenue Secretary Tarun Bajaj, speaking at a Central Board of Indirect Taxes and Customs event in Mumbai, had said October mop-up is likely to cross the Rs 1.5 lakh crore.
E-way bills generated for September stood at Rs 8.3 crore against Rs 7.7 crore in August, indicating improving mobility.
Break-Up Of GST Collections
Gross GST revenue: Rs 1,51,718 crore
Central GST: Rs 26,039 crore
State GST: Rs 33,396 crore
Integrated GST: Rs 81,778 crore (including Rs 32,297 crore collected on import of goods)
Cess: Rs 10,505 crore (including Rs 825 crore collected on import of goods)
Maharashtra topped state-wise collections, owing to the size of the tax base, at Rs 23,037 crore, growing at 19% year-on-year.
Karnataka saw the highest year-on-year rise at 33% at Rs 10,996.
Other top-earning states include Gujarat, Haryana and Uttar Pradesh.
Major states have reported good collections, indicating a broad-based phenomenon of higher GST revenues, said MS Mani, partner at Deloitte India.
“The fact that the collections have moved up to a new level in excess of Rs 1.5 lakh crore is impressive and is on account of the festive primary and secondary demand together, with various measures taken to improve compliance,” he said.