GST collection over Rs 1.51 trillion in October: 2nd highest ever: According to the ministry of finance, the gross GST revenue collected in the month of October 2022 was Rs 1,51,718 crore, the second-highest monthly collection ever. 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.
October 2022 Current Affairs Quiz
The government provided a breakdown of the October GST collections, stating that the CGST figure was at $26,039 crore, the SGST figure was at $33,396 crore, the IGST figure was at 81,778 crore (including $37,297 crore collected on import of goods), and the cess figure was at 10,505 crore (including $ 825 crore collected on import of goods).
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, This was significantly higher than the 77 million e-way bills in August.
About the GST COUNCIL
- In accordance with Article 279A (1) of the amended Constitution, the President must appoint the GST Council within 60 days after the start 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
