In October, GST collection is expected to reach Rs 1.5 lakh crore

Oct 31, 2022 | GST FAQ, News | 0 comments

In October, GST collection is expected to reach Rs 1.5 lakh crore

Buoyed by fest season consumption, the revenue collection from the goods and services tax (GST) for the month of October may once again surpass Rs 1.5 lakh crore.

 “The festive season of October has resulted in buoyancy in consumption patterns, hinting at greater economic recovery. In the past few months, the government has also been able to enforce stricter actions against anti-evasion activities. 

We are hopeful that the GST collections for October could be as good as April 2022,” said a finance ministry official. 

On account of rising demand and good tax compliance, India’s tax collection from the sale of goods and services soared 26 per cent to Rs 1.47 lakh crore in September. 

Though the August collection of Rs 1.43 lakh crore is up 28 per cent on a year-on-year basis, it was lower than Rs 1.49 lakh crore in July. The collection crossed the Rs 1.5 lakh crore mark only once in April 2022, when it was recorded at Rs 1.67 lakh crore.

  “It may not sound right, but high inflation has helped in this surge of GST collections. The increase in prices of certain goods and services, and also the increase in e-bills in the past few months, have contributed to robust collections, “the official added.

As per official data, Maharashtra and Gujarat recorded the highest GST collections on a monthly basis, followed closely by Tamil Nadu and Karnataka. As per details, the Mumbai zone contributes 18 per cent of CGST and 25 per cent of customs duty collections, and the megapolis also chips in with 7 per cent of the national GDP.

Data for GST collections for October 2022 is scheduled to be released on Tuesday.

Source from = https://www.businesstoday.in/latest/economy/story/gst-collection-expected-to-cross-rs-15-lakh-crore-in-october-351301-2022-10-31

Stay Up to Date With The Latest News & Updates