GST collections rise to second-highest ever at Rs 1.72 lakh crore in October, up 13% YoY
This is the eighth month in a row in which the monthly GST mop-up has resulted in a figure that is greater than Rs 1.5 lakh crore.
Money Poise
The government's Goods and Services Tax (GST) receipts increased 13 percent year on year in October to Rs 1.72 lakh crore, the Ministry of Finance reported 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 receipts 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, which is 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 totaled Rs 30,062 crore, the State GST totaled Rs 38,171 crore, the Integrated GST totaled Rs 91,315 crore, and the compensatory cess totaled 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.
