GST collections in October 2023 hit second highest ever

GST Collections in October 2023

GST Collections in October 2023: India’s gross Goods and Services Tax (GST) revenue for October 2023 soared to its second-highest-ever figure of ₹1.72 lakh crore ($22.9 billion), marking a 13% year-over-year increase. This robust growth comes despite looming global recession fears and geopolitical conflicts.

The Central government’s GST revenue collection included ₹30,062 crore as Central GST (CGST), ₹38,171 crore as State GST (SGST), and ₹91,315 crore as Integrated GST (IGST). The IGST amount includes ₹42,127 crore collected on import of goods. The government also collected ₹12,456 crore as cess.

A significant portion of the IGST was settled to both CGST and SGST, with ₹42,873 crore going to CGST and ₹36,614 crore to SGST. Post-settlements, October’s total revenue was ₹72,934 crore for CGST and ₹74,785 crore for SGST.

Read Also: GST collection in August grows 11% YoY to about ₹1.6 lakh Cr

The gross GST revenue for the month of October, 2023 is 13% higher than that in the same month last year. During the month, revenue from domestic transactions (including import of services) is also 13% higher than the revenues from these sources during the same month last year. The average gross monthly GST collection in the FY 2023-24 now stands at Rs. 1.66 lakh crore and is 11% per cent more than that in the same period in the previous financial year.

September also witnessed strong performance with a monthly collection of ₹1.62 trillion ($21.6 billion), marking a 10% annual growth from the previous year. This growth has been attributed to improved administrative efficiency and a structural shift in the economy.

Regionally, Gujarat observed an 11% increase in GST collection from April to October, reaching ₹36,322 crore ($4.9 billion) due to improved tax compliance. The total tax collection in October alone stood at ₹9,730 crore ($1.3 billion).

The chart below shows trends in monthly gross GST revenues during the current year. The table below shows the state-wise figures of post settlement GST revenue of each State till the month of October 2023.

Read Also: GST Demand Notice – Demand Notice under GST by authorities

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