This is the second month after the implementation of GST when the collection has crossed Rs 1.5 lakh crore. This is the 8th consecutive month when the collection has crossed Rs 1.4 lakh crore.
GST collection crosses Rs 1.5 lakh crore
While uncertainties prevail in economies around the world, the signs of the domestic economy remain strong. The figures of GST collection that came today are also saying a matter of strength. In October, the GST collection has crossed Rs 1.5 lakh crore. This has been the highest level in the last 6 months and the second highest level since the implementation of GST. According to the release issued by the Ministry of Finance, this is the ninth and eighth consecutive month so far when the GST collection has been above Rs 1.4 lakh crore.
(read the release here)
how much was the collection
According to the information given by the Ministry of Finance, the income from GST in the month of October has been Rs 1,51,718 crore. In which CGST Rs 26,039 crore, SGST Rs 33,396 crore, IGST Rs 81778 crore and Cess Rs 10505 crore. This has been the second highest figure of GST collection. Earlier, the collection in April was Rs 1,67,540 crore. Which is the highest GST collection recorded in any month so far. So far only twice the GST collection has crossed 1.5 lakh crore. Which has been recorded in April and October 2022. The third highest figure was recorded in July 2022 when the collection was close to 1.49 lakh crores.
How was the performance of states and union territories
The best growth in terms of GST collection in October this year compared to last year was recorded in Ladakh, where the collection has increased by 74 percent. At the same time, the maximum decline of 34 percent was seen in Jammu and Kashmir. At the same time, the collection in Maharashtra increased from Rs 19355 crore to Rs 23 thousand crore. Apart from Maharashtra, only Karnataka was the second state whose collection has crossed Rs 10 thousand crore during October. Haryana, Uttar Pradesh, West Bengal, Gujarat and Tamil Nadu are among those states whose GST collection during the month has been between Rs 5 to 10 thousand crores.
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