Center reports 16.6% increase in GST collections in October, second highest this year

According to a government announcement on Tuesday, India collected Goods and Services Tax (GST) in the amount of 1.51 lakh crore in the month of October. Out of these, the state goods and services tax (SGST) was Rs33,396 cr, while the central goods and services tax (CGST) was collected at Rs26,039 cr.

In accordance with a statement from the government, the IGST collection was 81,778 crore, including 37,297 crore from taxes on imported items, while the cess collection totaled 10,505 crore.
According to the government, following April, October 2022 would have the second-highest monthly GST collection. The total GST revenue has now exceeded Rs1.50 trillion for the second time.

Additionally, domestic transactions during the prior month were second only to April this year in terms of volume. According to the government, the monthly revenues have exceeded the mark of 1.40 lakh crore for the ninth month in a row and eight months in a run.