Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
The gross GST revenue collected in the month of October 2022 was Rs 1,51,718 crore according to the data released by the Ministry of Finance.
It is the second-highest-ever gross monthly collection since the GST was implemented, the Ministry of Finance said in a statement. Goods and Services Tax (GST) collection had touched a record high of nearly Rs 1.68 lakh crore in April.
The revenue for October 2022 is 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 also saw the second-highest collection from domestic transactions, next only to April 2022.
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The GST collection increased 16.6% YoY. October last year, the revenues stood at over Rs 1.30 lakh crore.
This is the ninth month and for eight months in a row now, that the monthly GST revenues have been more than the Rs 1.4 lakh crore mark.
The GST collection for October included CGST Rs 26,039 crore, SGST Rs 33,396 crore, and IGST Rs 81,778 crore.
Rs 37,297 crore in IGST were collected from import of goods.
Meanwhile, Rs 10,505 crore (including ₹ 825 crore collected on import of goods) was collected, which is second highest till date.
The government said that it has settled Rs 37,626 crore to CGST and Rs 32,883 crore to SGST from IGST as regular settlement.
In addition, Centre has also settled Rs 22,000 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 is ₹74,665 crore for CGST and ₹ 77,279 crore for the SGST.
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.
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