Categories: Economy

GST collection over Rs 1.51 trillion in October: 2nd highest ever

The gross GST revenue collected in the month of October 2022 was at Rs 1,51,718 crore, the second-highest monthly collection ever, the ministry of finance. The revenue for October 2022 is second highest monthly collection, next only to the collection in April 2022 and it is for the second time the gross GST collection has crossed Rs. 1.50 lakh crore mark.

Giving a break-up of the October GST collections, the government said CGST figure was at ₹26,039 crore, SGST at ₹33,396 crore, IGST at ₹81,778 crore (including ₹37,297 crore collected on import of goods) and cess at ₹10,505 crore (including ₹ 825 crore collected on import of goods).

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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. During the month of September 2022, 8.3 crore e-way bills were generated, which was significantly higher than 7.7 crore e-way bills generated in August 2022.

About the GST COUNCIL

As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A. The notification for bringing into force Article 279A with effect from 12th September, 2016 was issued on 10th September, 2016.
As per Article 279A of the amended Constitution, the GST Council which will be a joint forum of the Centre and the States, shall consist of the following members:

a) Union Finance Minister – Chairperson

b) The Union Minister of State, in-charge of Revenue of finance – Member

c) The Minister In-charge of finance or taxation or any other Minister nominated by each State Government – Members

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.