Thursday, 02 February 2023

GST revenue collection ₹1.30 lac crore in October

GST revenue collection ₹1.30 lac crore in October

GST collection for October, the beginning of a demand-boosting festival season, came in at Rs 1.30 lakh crores, compared with Rs 1.17 lakh crores in September, indicating an increased economic recovery in the second half of 2021-22.

October GST collections were the second-highest for the fiscal year and the second-highest monthly collections since the introduction of the one tax in 2017. The highest ever collection was also this year, at Rs 1.41 lakh crore in April.

The October GST print brings the total gross GST collection for the year to Rs 8.12 lakh crore. In the current fiscal year of June, Rs 92,849 crore, all but one month have been comfortably above Rs 1 lakh crore spot.

The Finance Ministry said in a statement.

"This is very much in line with a trend in economic improvement. This is also evident from the trends in the e-way bills generated every month since second wave,"

It said.

"The income would have still been higher if sales of cars and other products had not been affected on account of disrubance in supply of semiconductors,"

Central GST stood at Rs 23,861 crores out of the monthly gross collection in October, State GST at Rs 30,421 crores, Integrated GST at Rs 67,361 crores, and cess collected at Rs 8,484 crores.

GST revenue collection 1.30 lac crore in October 1pixabay image

Read More: GST revenue collection ₹1.17 lac crore in September

Aditi Nayar, Chief Economist with Icra Ltd said

"The six-month high GST collections of October 2021 are a reflection of the healthy pickup in GST e-way bills in September 2021, led by pre-festive season stocking, as well as improved compliance,"

For October, the GST revenues were 24 percent higher than last year and 36 percent over the pre-pandemic level of 2019-20.

MS Mani, Senior Director, Deloitte India said

"The impressive GST collections have resulted from a combination of sustained economic growth and continuing policy initiatives to improve compliance and discourage evasion,"

Mani said.

"If the robust GST collections seen in the current fiscal continue on the back of a sustained growth of the economy, it would be likely that the GST collection targets for the year would be exceeded. This would provide some fiscal space to absorb the increased healthcare costs etc,"

Icra's Nayar said that GST collections for November 2021 could be in the range of Rs 1.25-1.35 lakh crore in November 2021 and that the target for the year could be exceeded by Rs 50,000 crore.

She said.

"Although the supply issues related to semiconductor availability could continue to constrain the performance of GST compensation cess, we do not expect the budget estimate to be missed,"

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