The government’s Goods and Services Tax (GST) collections climbed 13 percent year-on-year in October to Rs 1.72 lakh crore, second-highest revenue collection ever, the Ministry of Finance said on November 1.
“GST revenue collection for October 2023 is second highest ever, next only to April 2023. Revenue from domestic transactions (including import of services) is 13 percent higher year-on-year. Average gross monthly GST collection in FY 2023-24 now stands at Rs 1.66 lakh crore, which is 11 percent higher year-on-year,” the finance ministry said in a statement.
At Rs 1.72 lakh crore, the October GST collections is 5.71 percent higher than what was collected in September.
This is the eighth month in a row that the monthly GST collection has come in above the Rs 1.5-lakh-crore mark.
Monthly GST collections have risen over the years. From averaging under Rs 1 lakh crore per month in 2017-18 – its first year – collections rose rapidly after the pandemic-hit 20202-21 to average Rs 1.51 lakh crore in 2022-23.
The average gross monthly GST collection in the FY 2023-24 now stands at Rs. 1.66 lakh crore and is 11 percent more than that in the same period in the previous financial year.
As per the 2023-24 Budget, the Centre expects its GST collections to rise by 12 percent in the current financial year.
In October, Central GST was Rs 30,062 crore, State GST was Rs 38,171 crore, Integrated GST was Rs 91,315 crore, and compensation cess was Rs 12,456 crore.
In October, the government settled Rs 42,873 crore to Central GST and Rs 36,614 crore to State GST from Integrated GST. As a result, the total revenue for the month post settlement was Rs 72,934 crore for the Centre and Rs 74,785 crore for State GST.
