October Sees GST Collection Soar by 13% to Reach Rs 1.72 Lakh Crore, the Second Highest on Record

In October 2023, the Indian government collected Rs 1.72 lakh crore in Goods and Services Tax (GST), marking the second-highest collection ever. This amount was 13% higher than the previous year.

For the 2023-24 fiscal year, the average monthly GST collection stands at Rs 1.66 lakh crore, representing an 11% increase compared to the previous fiscal year.

The breakdown of the October 2023 GST revenue includes Rs 30,062 crore for Central GST (CGST), Rs 38,171 crore for State GST (SGST), Rs 91,315 crore (including Rs 42,127 crore from the import of goods) for Integrated GST (IGST), and Rs 12,456 crore (including Rs 1,294 crore from the import of goods) for cess.

Compared to the same month in the previous year, the October 2023 GST revenue was 13% higher. The revenue from domestic transactions, including the import of services, also increased by 13% compared to the same period in the previous year. The average monthly GST collection for the 2023-24 fiscal year has shown an 11% increase over the previous fiscal year.

In October 2023, the government transferred Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST. After the regular settlement, the total revenue for the Central and State governments was Rs 72,934 crore for CGST and Rs 74,785 crore for SGST.

Also Read: Statutory & Compliance Calendar For November 2023