• Notification Date: 08-11-2023
• Notification No: N/A

GST Collection in October rises by 13% to Rs 1.72 lakh crore

India's Goods and Services Tax (GST) revenue collection for October 2023 hit a record high, marking the second-highest collection ever after April 2023. The total GST revenue stands at Rs 1.72 lakh crore, reflecting a year-on-year increase of 13 per cent, according to data released by the Ministry of Finance. 

The surge in GST revenue is not limited to domestic transactions. Revenue from domestic transactions, including the import of services, also saw a significant rise, increasing by 13 per cent compared to the same period last year. 

The robust GST collection is part of a broader trend of increased revenue for the fiscal year 2023-24. The average gross monthly GST collection now stands at Rs 1.66 lakh crore, marking an 11 per cent increase year-on-year.