New Delhi: Backed by the festive season, India’s monthly GST collection grew 13% to Rs. 1.72 lakh crore in October. This is the second highest monthly GST collection after the record 1.87 lakh crore collection in April 2023.
“The gross GST revenue collected in the month of October, 2023 is Rs. 1,72,003 crore out of which Rs. 30,062 crore is CGST, ₹ 38,171 crore is SGST, Rs. 91,315 crore (including Rs. 42,127 crore collected on import of goods) is IGST and Rs.12,456 crore (including Rs. 1,294 crore collected on import of goods) is cess. The government has settled Rs. 42,873 crore to CGST and Rs. 36,614 crore to SGST from IGST. The total revenue of Centre and the States in the month of October, 2023 after regular settlement is Rs. 72,934 crore for CGST and Rs. 74,785 crore for SGST” said the finance ministry.
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.
