GST Collection expected to cross Rs.1.5 lakh crore in the month of October

The Goods and Services Tax (GST) revenue collection for the month of October may once again top Rs 1.5 lakh crore thanks to festival season consumption.

“Buoyant consumption trends as a result of the October festive season suggest a stronger economic rebound. The government has also been able to impose tighter measures against anti-evasion activities in recent months. We are optimistic that the GST collections for October would be as excellent as April 2022.” According to a finance ministry official.

India’s tax revenue from the sale of goods and services increased 26% to Rs 1.47 lakh crore in September thanks to rising demand and strong tax compliance. Despite being up 28% year over year, August’s revenue of Rs. 1.43 lakh crore fell short of July’s Rs.1.49 lakh crore. In April 2022, when it reached Rs 1.67 lakh crore, the collection became the first to surpass Rs 1.5 lakh crore.

“High inflation may not seem appropriate, but it has contributed to the recent increase in GST collections. Strong collections have been aided by the recent rise in e-bills as well as the price increases for some goods and services,” the official continued.

According to official statistics, Maharashtra and Gujarat had the highest monthly GST collections, closely followed by Tamil Nadu and Karnataka. According to specifics, the Mumbai zone contributes 18% of CGST and 25% of customs tax receipts, while the megacity also contributes 7% of the country’s GDP.

On Tuesday, information regarding GST collections for October 2022 is expected to be made public.