BackGST collections in October cross ₹1.5 lakh crore, second highest ever
GST revenue in October was second highest collection ever, next only to the collection in April 2022
PremiumThe gross GST revenue collected in the month of October 2022 was at ₹1,51,718 crore, the second highest monthly collection ever, the ministry of finance said today. 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).
October also saw the second highest collection from domestic transactions, next only to April 2022. 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.
Data released earlier in the day by a private survey showed manufacturing activities in India remained robust and price pressures were contained in October as new orders and production rose at a slower but stronger pace, according to a monthly survey released on Tuesday.
The seasonally-adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) was up from 55.1 in September to 55.3 in October.
“India continues to show resiliency in its manufacturing PMI data, with no signs of moderation seen across orders, production and job creation, underpinning its resilient growth outlook," said Rahul Bajoria, MD & Head of EM Asia (ex-China) Economics, Barclays.
“The ongoing festive season has been favourable for manufacturing activity, but we expect demand for discretionary consumer durables to ease, as rising interest rates, sticky inflation and moderating economic conditions take a toll on activity. Overall, economic indicators in India continue to hold up, as festive season boost consumption, keeping the domestic demand revival on track. While the global growth outlook continues to weaken, we believe India’s economic growth will remain on a solid footing, with the country on track to grow at least 6% over the next two years. However, India’s asynchronous growth is likely to create its own challenges for macro stability. The choices facing policymakers will likely be constrained by a trade-off between growth and stability," he added.
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