New Delhi: Central and state governments have collected close to ₹1.52 trillion in Goods and Services Tax revenue (GST) in October, the second highest monthly collections after record mop-up was seen in April this year, said an official statement. GST collections had hit nearly ₹1.68 trillion in April following a spike in year end sales in March.
New Delhi: Central and state governments have collected close to ₹1.52 trillion in Goods and Services Tax revenue (GST) in October, the second highest monthly collections after record mop-up was seen in April this year, said an official statement. GST collections had hit nearly ₹1.68 trillion in April following a spike in year end sales in March.
The finance ministry said that the total revenue of central and state governments after settlement of taxes on inter-state sales was at ₹74,665 crore and ₹ 77,279 crore respectively.
It is for the second time the gross GST collection has crossed Rs. 1.5 trillion mark. October also saw the second highest collection from domestic transactions, next only to what was seen in 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 ₹ 1.4 trillion mark," the ministry statement said.
Last month, 8.3 crore e-way bills were generated, significantly higher than 7.7 crore e-way bills generated in August. E-way bills are treated as a high frequency indicator by many analysts as they point to real time consumption trend based on shipment of goods within and across states.
Experts attributed the buoyancy in GST revenue receipts to festive demand. "With the festive season continuing, GST collections can be further expected to go up. This coupled with revamped focus of government on tax collections can lead to further increase in collections in the coming months," said Abhishek Jain, Partner, Indirect Tax at KPMG in India.
Large state economies like Maharashtra, Uttar Pradesh, Gujarat, Tamil Nadu and Delhi reported double digit revenue growth. Maharashtra reported a 19% jump in GST revenue in October compared to the year ago period, while Tamil Nadu reported a 25% jump and Karnataka reported a 33% jump. Gujarat reported 11 % revenue growth in October while Uttar Pradesh saw a 16% jump.