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October 2022 witnessed the second highest GST collection since the introduction of the tax regime.
Current Affairs Important Points
How much GST was collected?
- GST collection in October 2022 was Rs 1.52 lakh crore – the second highest collection since the introduction of GST.
- 1000 in the month of October. 26,039 crore as central GST and 33,396 crore as state GST. 81,778 crore collected for integrated GST. This includes Rs 37,297 crore in imports.
- 10,505 crore cess collected in October was the second highest on record. This includes Rs 825 crore collected on imports of goods.
- The total revenue earned by central and state governments after regular and ad hoc settlements in October was Rs 74,665 crore for CGST and Rs 77,279 crore for SGST.
What is the trend of GST collection in last few months?
GST revenue in the last 8 months is about Rs 1.40 lakh crore. GST crossed Rs 1.50 lakh crore in both the two months. In April 2022, the GST collection reached a record close to Rs 1.68 lakh crore. GST collection reached Rs 1.48 lakh crore in September this year. 8.3 crore e-way bills were generated this month. This is higher than the 7.7 crore e-way bills generated in the month of April.
Why the surge in GST collection?
- The rise in GST collection is attributed to factors such as higher inflation rate, surge in retail prices of many consumer goods, higher demand during the festive season and strengthening compliance.
- States have stepped up action against tax evaders, especially after the end of the compensation regime in June 2022. This has significantly increased GST collection. Many states saw an increase in GST revenue after the end of the compensation system. However, FY2023 may be seen as a challenge by those who depend heavily on this regime. They may resort to strengthening enforcement to raise revenue.
