All About Dairy Farm Loan: Online…
August 23, 2022
November 03, 2022
A recent notice from the finance ministry revealed GST revenue surged 16.6% to roughly INR 1.52 lakh crore in October 2022, making it the second-highest collection ever. GST revenue reached a record high in April, clocking at INR 1.68 lakh crore. On the other hand, the GST receipts in October for the Financial Year 2021-22 totalled more INR 1.30 lakh crore.
According to the statement, the government collected a gross GST of INR 1,51,718 crore in October 2022. In this collected amount, the major chunk belonged to the Integrated GST (INR 81,778 crore), Central GST (INR 26,039 crore) and State GST (INR 33,396 crore). Additionally, INR 10,505 crore were collected from cess inclusive of INR 825 core that was generated from the import of goods. Since its inception, this amount is the second-highest figure the government has accumulated through GST collection.
The overall GST collection has surpassed the INR 1.50 lakh crore barrier for the second time in October 2022, making it the second-largest monthly collection after April 2022. The month’s GST collections have surpassed the INR 1.4 lakh cr mark for the ninth consecutive month.
After regular and ad hoc settlements, the combined GST revenue for the Central and State governments in October 2022 claps at INR 74,665 crore towards CGST and INR 77,279 crore towards SGST.
Additionally, October witnessed the second-highest collection towards domestic transactions, surpassing the one in April 2022. 8.3 crore e-way bills were produced in September 2022, which was record-breaking high contrary to the one produced in August 2022, which was recorded at 7.7 crores.
Several states and UTs continued to see revenue growth of less than 14% even when total GST collection 2022 showed outstanding year-over-year growth in October.
GST collections showed a surge by less than 14% in total within 17 states along with Union Territories in September. The GST revenues of several states showed a downfall in the year-over-year GST collection data.
Let’s understand last month GST collection through the following table, which enlists October’s year-over-year data for 2021 and 2022. It highlights the state-wise contribution towards GST along with the overall increase or decrease in the contribution.
|State||October 2021||October 2022||Overall Growth (In Percent)|
|Jammu and Kashmir||648 Cr||425 Cr||(-) 34%|
|Himachal Pradesh||689 Cr||784 Cr||(+) 14%|
|Punjab||1,595 Cr||1,760 Cr||(+) 10%|
|Chandigarh||158 Cr||203 Cr||(+) 28%|
|Uttarakhand||1,259 Cr||1,613 Cr||(+) 28%|
|Haryana||5,606 Cr||7,662 Cr||(+) 37%|
|Delhi||4,045 Cr||4,670 Cr||(+) 15%|
|Rajasthan||3,423 Cr||3,761 Cr||(+) 10%|
|Uttar Pradesh||6,775 Cr||7,839 Cr||(+) 16%|
|Bihar||1,351 Cr||1,344 Cr||(-) 1%|
|Sikkim||257 Cr||265 Cr||(+) 3%|
|Arunachal Pradesh||47 Cr||65 Cr||(+) 39%|
|Nagaland||38 Cr||43 Cr||(+) 13%|
|Manipur||64 Cr||50 Cr||(-) 23%|
|Mizoram||32 Cr||24 Cr||(-) 23%|
|Tripura||67 Cr||76 Cr||(+) 14%|
|Meghalaya||140 Cr||164 Cr||(+) 17%|
|Assam||1,425 Cr||1,244 Cr||(-) 13%|
|West Bengal||4,259 Cr||5,367 Cr||(+) 26%|
|Jharkhand||2,370 Cr||2,500 Cr||(+) 5%|
|Odisha||3,593 Cr||3,769 Cr||(+) 5%|
|Chhattisgarh||2,392 Cr||2,328 Cr||(-) 3%|
|Madhya Pradesh||2,666 Cr||2,920 Cr||(+) 10%|
|Gujarat||8,497 Cr||9,469 Cr||(+) 11%|
|Daman and Diu||0||0||(+) 20%|
|Dadra and Nagar Haveli||269 Cr||279 Cr||(+) 4%|
|Maharashtra||19,355 Cr||23,037 Cr||(+) 19%|
|Karnataka||8,259 Cr||10,996 Cr||(+) 33%|
|Goa||317 Cr||420 Cr||(+) 32%|
|Lakshadweep||2 Cr||2 Cr||(+) 14%|
|Kerala||1,932 Cr||2,485 Cr||(+) 29%|
|Tamil Nadu||7,642 Cr||9,540 Cr||(+) 25%|
|Puducherry||152 Cr||204 Cr||(+) 34%|
|Andaman and Nicobar Islands||26 Cr||23 Cr||(-) 10%|
|Telangana||3,854 Cr||4,284 Cr||(+) 11%|
|Andhra Pradesh||2,879 Cr||3,579 Cr||(+) 24%|
|Ladakh||19 Cr||33 Cr||(+) 74%|
|Other Territory||137 Cr||227 Cr||(+) 66%|
|Center Jurisdiction||189 Cr||140 Cr||(-) 26%|
|Total GST Collection 2022 in October||Rs 96,430 Cr||Rs 1,13,596 Cr||(+) 18%|
States are no longer entitled to compensation if their GST revenue collections aren’t 14% greater than they were for the same month last year, as it’s a wrap for the protected GST revenue period from June 30 onwards.
Let’s understand the GST collection trend by referring to the GST revenue generated every month for the fiscal years 2021-22 and 2022-23. It will help you to have a clear idea about the tremendous growth in GST collections that the government has witnessed from 2021 to 2022.
(Graph Source: pib.gov.in)
|Month||Financial Year 2021-2022||Financial Year 2022-2023|
|April||INR 139.7K Cr||INR 167.5K Cr|
|May||INR 97.8K Cr||INR 140.9K Cr|
|June||INR 92.8K Cr||INR 144.6K Cr|
|July||INR 116.4K Cr||INR 149K Cr|
|August||INR 112K Cr||INR 143.6K Cr|
|September||INR 117K Cr||INR 147.7K Cr|
|October||INR 130.1K Cr||INR 151.7K Cr|
|November||INR 131.5K Cr||–|
|December||INR 129.8K Cr||–|
|January||INR 141K Cr||–|
|February||INR 133K Cr||–|
|March||INR 142.1K Cr||–|
Aditi Nayar, the chief economist at ICRA, stated that the sharp sequential increase in the headline GST revenues in October 2022 indicates a mix of quarter-end flows related to the transactions in the prior month. Additionally, the surge in GST e-way bills was rooted in a full festive season.
The production of GST e-way bills is anticipated to have remained strong due to the holiday season in October 2022, which should increase GST collections in November 2022. ICRA predicts that the CGST receipts will be INR 1.3-1.4 lakh crore higher than the estimated FY23 Budget.
Parag Mehta, a partner in indirect tax at N. A. Shah Associates, noted that being the festival month, October witnessed people splurging on homes, cars, vacations, and other essentials.
According to Parag Mehta, considering the associated factors and previous GST collections, in November 2022, it appears that monthly GST receipts will surpass Rs 1.50 lakh crore.
India Partner M S Mani gave words about GST collections 2022 and said an impressive increase had been seen in the collection. It indicates that the country will also witness more from other states, resulting in the graph’s escalation.
According to EY LLP Tax Partner Saurabh Agarwal, with both the revenue branches, CBDT and CBIC, responsible for boosting tax collection, a surge in the collection can be anticipated in the upcoming months as well. , according to EY LLP Tax Partner Saurabh Agarwal.
Due to the Indian government’s various fiscal measures, the self-sustaining economy looks to be moving towards further fall within the tax collection incurred on imports.
GST receipts are anticipated to escalate further as the holiday season continues, according to Abhishek Jain, Partner Indirect Tax at KPMG in India. According to him, this, along with the government’s revised emphasis on tax collection, may result in a further boost in total GST Collection in 2022.
Need Loan Assistance?