GST revenues cross ₹1.51 lakh crore in October

Festive seasons spurs second highest revenues from domestic transactions in a month

 India’s gross GST revenues touched ₹1,51,718 crore in October, 16.6% higher than a year ago, marking the second highest monthly collections since the launch of the indirect tax regime.

Revenues from domestic transactions, including imports of services increased 18% during the month, with the Finance Ministry stating that October marked the second highest collection from domestic transactions ‘next only to April 2022’.

Also read: India's manufacturing activities remain strong in October: survey

While the government didn’t share the overall revenue growth from import of goods for October, Integrated GST (IGST) collected on goods imports grew 13.02% over last October while GST Cess inflows on such imports rose 18.02%.

“This is the ninth month and for eight months in a row now, that the monthly GST revenues have been more than the ₹ 1.4 lakh crore mark,” the Ministry said.

During September 2022, whose transactions are reflected in October’s revenues, 8.3 crore e-way bills were generated, which the Ministry said ‘was significantly higher’ than 7.7 crore bills generated a month earlier.

There were significant variations among major States’ revenues during the month. While Haryana recorded a 37% uptick, followed by Karnataka (33%), Kerala (29%), West Bengal (26%) and Tamil Nadu (25%), revenues grew slower than the national average in Gujarat and Telangana (11%), Madhya Pradesh and Rajasthan (10%) and Uttar Pradesh (16%).