GST Revenue Collection Hits Second-Highest Ever in October 2023, Records 13% YoY Increase

The gross GST revenue collection for October 2023 has reached a remarkable milestone, securing the second-highest position ever, with a staggering total of ₹1,72,003 crore. This impressive figure is surpassed only by the record collection observed in April 2023. The growth in revenue is further underscored by a substantial year-on-year increase of 13%.

 

The break-up of the collected GST revenue includes ₹30,062 crore as Central Goods and Services Tax (CGST), ₹38,171 crore as State Goods and Services Tax (SGST), ₹91,315 crore (inclusive of ₹42,127 crore gathered from the import of goods) as Integrated Goods and Services Tax (IGST), and ₹12,456 crore (which also includes ₹1,294 crore from the import of goods) as cess.

 

In an important step, the government has efficiently disbursed ₹42,873 crore to CGST and ₹36,614 crore to SGST from the IGST fund. Consequently, the total revenue for both the Centre and the States for the month of October 2023, post regular settlement, stands at ₹72,934 crore for CGST and ₹74,785 crore for SGST.

 

Highlighting the substantial growth, the gross GST revenue for October 2023 is an impressive 13% higher than the revenue collected in the corresponding month of the previous year. Moreover, the revenue from domestic transactions, including import of services, has also experienced a significant 13% YoY increase, further reinforcing the robust performance of the GST system.

 

As per the Government, for the fiscal year 2023-24, the average monthly gross GST collection now stands at ₹1.66 lakh crore, marking an 11% increase compared to the same period in the preceding fiscal year. These consistent positive trends reflect the resilience and strength of India's GST revenue collection mechanism.

 

The GST revenue collection for October 2023 is the second-highest ever, only surpassed by the record collection observed in April 2023.

 

The gross GST revenue collection for October 2023 is an impressive 13% higher than the revenue collected in the corresponding month of the previous year.

 

The revenue from domestic transactions, including import of services, has also experienced a significant 13% YoY increase.

 

For the fiscal year 2023-24, the average monthly gross GST collection now stands at ₹1.66 lakh crore, marking an 11% increase compared to the same period in the preceding fiscal year.

 

The October 2023 GST revenue collection is a positive sign for the Indian economy. It reflects the resilience and strength of the GST system, as well as the increasing consumption and investment activity in the country.