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.
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.
Disclaimer: The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Collaborating with us-
- Mail us at [email protected]
- Whatsapp us at +91-702498492