GST collections jump to 13% YoY becoming second-highest ever in October to Rs 1.72 lakh crore

• Image Credit: google

• Nov 1, 2023 | Poonam Nath

The average gross monthly GST collection in FY 2023-24 is now Rs 1.66 lakh crore, an increase of 11% year on year...

Digital Desk: The government's Goods and Services Tax (GST) revenue jumped to 13 per cent year on year in October to Rs 1.72 lakh crore, the Ministry of Finance reported the report on November 1.

"GST revenue collection in October 2023 is the second highest ever, trailing only April 2023." Domestic transaction revenue (including service imports) is up 13 percent year on year. The average gross monthly GST collection in FY 2023-24 is now Rs 1.66 lakh crore, an increase of 11% year on year," the finance ministry stated in a statement.

The October GST collection is 5.71 percent more than the September collection, at Rs 1.72 lakh crore.

This is the eighth month in a row that monthly GST collection has exceeded Rs 1.5 lakh crore.

Monthly GST bills have increased over time. From less than Rs 1 lakh crore per month in its first year, receipts increased rapidly following the pandemic-hit 20202-21 to Rs 1.51 lakh crore in 2022-23.

The average gross monthly GST collection in FY 2023-24 is presently Rs. 1.66 lakh crore,11% more than the same period in the previous fiscal year.

According to the 2023-24 Budget, the Centre anticipates GST collections to increase by 12% in the current fiscal year.

In October, the Central GST totalled Rs 30,062 crore, the State GST totalled Rs 38,171 crore, the Integrated GST totalled Rs 91,315 crore, and the compensatory cess totalled Rs 12,456 crore.

The government settled Rs 42,873 crore to Central GST and Rs 36,614 crore to State GST from the Integrated GST in October. 

As a result, the total revenue for the month after settlement for the Centre was Rs 72,934 crore and Rs 74,785 crore for State GST.