GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever

Average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, 11 per cent higher Y-o-Y, said the Ministry of Finance on Wednesday

The Goods and Services Tax (GST) collections in October 2023 jumped 13 per cent year-on-year (Y-o-Y) to touch its second-highest-ever collection of Rs 1.72 trillion, according to the latest official data released on Wednesday. The highest monthly GST mop-ups were recorded in April 2023 at Rs 1.87 trillion.

“GST revenue collection for October 2023 is second-highest ever, next only to April 2023, at Rs 1.72 trillion,” the Ministry of Finance said in a statement.
 

The gross GST revenue for October 2023 is 13 per cent higher than that in the same month last year. During the month, revenue from domestic transactions [including import of services] is also 13 per cent higher than the revenues from these sources during the same month last year.

The average gross monthly GST collection in the FY24 now stands at Rs 1.66 trillion and is 11 per cent more than that in the same period in the previous financial year.

The gross GST revenue collected in the month of October, 2023 is Rs 1.72 trillion out of which Rs 30,062 crore is central goods and services tax (CGST), Rs 38,171 crore is state goods and service tax (SGST), Rs 91,315 crore (including Rs 42,127 crore collected on import of goods) is integrated goods and services tax (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 October 2023 after regular settlement is Rs 72,934 crore for CGST and Rs 74,785 crore for SGST.