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GST Collection: There has been great news on the tax collection front in the country as the GST (Goods and Services Tax) collection has crossed Rs 1.5 lakh crore in October. The GST collection in October has been Rs 1,51,718 crore. This has proved to be the second highest GST collection till date. Earlier, the highest GST collection was achieved in April 2022.
GST collection crosses Rs 1.4 lakh crore for the 8th consecutive time
On a monthly basis, this is the eighth consecutive month when the GST collection in the country has crossed Rs 1.4 lakh crore. At the same time, since the implementation of GST, this is the second time when the Goods and Services Tax has crossed Rs 1.4 lakh crore in a month. This increased figure of GST is news of relief for the government.
GST Collection Details
GST collection in October was Rs 1,51,718 crore and out of this, CGST was Rs 26,039 crore. The contribution of SGST has been Rs 33,396 crore and that of IGST is Rs 81,778 crore. In this, the figure of import goods has been Rs 37,297 crore. At the same time, the cess has been Rs 10,505 crore, of which Rs 825 crore has been obtained from import of goods. This is the second highest figure ever.
e-way bill figures
83 crore e-way bills have been generated in September 2022, which can be considered a good increase from 7.7 crore e-way bills in August. This is a relief news on the GST collection front in the country.
Government treasury filling with GST
After the implementation of Goods and Services Tax in the country, a good amount is coming every month to the government treasury. The increase in GST revenue is an indication that the economy is getting back on track and the government is getting good revenue from GST.
Manufacturing PMI data also came
Today, the data of Manufacturing PMI has also come in the country, under which manufacturing activities have seen a boom in October. Manufacturing PMI came in at 55.3 in October, which was 55.1 in September. This shows that there was an increase in manufacturing activity in October and this was also due to the festive season.
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