India witnesses 2nd highest GST revenue at Rs1.52 trn
By CL Jose
THIRUVANANTHAPURAM/November 02-2022: Kerala clocked 29 per cent year on year (YoY) growth in GST revenue collection for October 2022 to Rs2,485 crore compared with Rs1,932 crore for the same period last year.
India’s gross GST revenue collected in the month of October 2022 was Rs1,51,718 crore (Rs1.52 trillion) of which CGST was Rs26,039 crore, SGST was Rs33,396 crore, IGST was Rs81,778 crore (including Rs37,297 crore collected on import of goods) and Cess was Rs10,505 crore (including Rs825 crore collected on import of goods), which is second highest till date, according to official statistics released by the Union Ministry of Finance.
Kerala’s GST revenue growth for October has been much higher than the states’ average growth in GST revenue at 18 per cent when the aggregate GST revenue of the states grew from Rs96,430 crore to Rs1,13,596 crore during the period under review.
The smart growth in GST revenue has proved to be a real blessing for the state, especially after the Centre had done away with the GST compensation some time back.
The State Finance Minister, KN Balagopal, had earlier expressed his displeasure over some of the Centre’s financial policies including the withdrawal of GST compensation.
The Union government has settled Rs37,626 crore to CGST and Rs32,883 crore to SGST from IGST as regular settlement, the official statement said adding that the Centre has also settled Rs22,000 crore on adhoc basis in the ratio of 50:50 between Centre and States.
The total revenue of Centre and the States after regular as well as adhoc settlements in the month of October 2022 was Rs74,665 crore for CGST and Rs77,279 crore for the SGST.
Second highest GST revenue
The revenue for October 2022 is the second highest monthly collection for the country, next only to the collection in April 2022 and it is for the second time the gross GST collection has crossed Rs1.50 lakh crore-mark.
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 Rs1.4 lakh crore. 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.
Among the UTs/states, while Ladakh reported the highest growth of 74 per cent from Rs19 crore to Rs33 crore, thanks to the small size, Arunachal Pradesh, Haryana and Puducherry stood at second, third and fourth positions with a growth of 39 per cent, 37 per cent and 34 per cent respectively.
At the same time Union Territory and states such as Jammu & Kashmir, Mizoram and Manipur witnessed a decline in GST revenue during the said period.
In July, the Kerala Cabinet had given the go-ahead for restructuring the State GST department, eyeing increased efficiency in tax collection. The department has also launched incentive-based schemes such as the ‘Lucky Bill’ app aimed at curbing tax evasion.
