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GST Collection October 2022

Updated on :  

08 min read.

October 2022 witnessed the second highest GST collections ever at Rs.1,51,718 crore, only second to April 2022, which had a GST collection of Rs.1,67,540 crore. Despite the GST collections now crossing Rs.1.4 lakh crore for eight months in a row, this is only the second time since the inception of GST that the collections have crossed the Rs.1.5 lakh crore mark.
GST Collection September 2022 was reported at Rs.1,47,686 crores.

Break up of GST Collections for October 2022

The GST collections comprised Rs.26,039 crore CGST, Rs.33,396 crore SGST, and Rs.81,778 crore IGST (including Rs.37,297 crore GST collected on the import of goods). The cess collections stood at Rs.10,505 crore (including Rs.825 crore collected on the import of goods, according to a PIB report.

According to the report, the government settled Rs.37,626 crore and Rs.32,883 crore in October as CGST and SGST, respectively, from the IGST collections. Further, the Centre also settled Rs.22,000 crore on an ad hoc basis equally between the Centre and the states. This has brought the total revenue after ad hoc settlements to Rs.74,665 crore for CGST and Rs.77,279 crore for SGST.

Analysis of the GST Collection for October 2022

The record GST collections for October could be a result of revenue due to quarter-end filings that marked the end of the second quarter. It could also be a result of the nationwide surge in sales ahead of the festive season, with Indians spending on household purchases, gifts, vacations, and making investments as well. It is expected to see similar collections for the month of November as well.

The government has also put in place measures to keep a check on tax evasion and has recently notified new restrictions on input tax claims, ensuring that no fake input tax credit can be claimed. The series of restrictions put the onus on the recipient business to only deal with compliant vendors who file their GST returns and pay their dues on time, failing which, they forfeit the input tax credit. This could be the reason for the steady GST revenues over the past few months, which are expected to continue.

GST Collection for October 2022 State-wise

Ladakh’s GST collection has seen the biggest year-on-year increase at a rate of 74% over October 2021. Maharashtra emerged the leader once again in terms of GST collections at Rs.23,037 crores, followed by Karnataka, Tamil Nadu, and Gujarat.

On the other hand, states and territories such as Jammu and Kashmir, Bihar, Manipur, Mizoram, Assam, Chhattisgarh, Andaman and Nicobar, and the Centre Jurisdiction saw negative year-on-year growth for October.

Jammu and Kashmir648425-34%
Himachal Pradesh68978414%
Uttar Pradesh6,7757,83916%
Arunachal Pradesh476539%
West Bengal4,2595,36726%
Madhya Pradesh2,6662,92010%
Daman and Diu0020%
Dadra and Nagar Haveli2692794%
Tamil Nadu7,6429,54025%
Andaman and Nicobar Islands2623-10%
Andhra Pradesh2,8793,57924%
Other Territory13722766%
Center Jurisdiction189140-26%
Grand Total96,4301,13,59618%

The GST Collections October 2022 was reported by the Ministry of Finance via press release on PIB on 1st November 2022.