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

GST Revenue collection in October hikes up by 13% to Rs 1.72 lakh crore, Second Highest Ever

At Rs 1.72 lakh crore, the Goods and Services Tax (GST) collection in October 2023 was second highest ever, said Ministry of Finance on Wednesday. The GST collection in October rose 13% on an annual basis. 

Average gross monthly GST collection in FY24 now stands at Rs 1.66 lakh crore, 11% higher YoY, said the ministry. 

"The gross GST revenue collected in the month of October, 2023 is Rs 1,72,003 crore out of which Rs 30,062 crore is CGST, Rs 38,171 crore is SGST, Rs 91,315 crore (including Rs 42,127 crore collected on import of goods) is IGST and Rs 12,456 crore (including Rs 1,294 crore collected on import of goods) is cess," said the ministry in a statement. 

"The gross GST revenue for the month of October, 2023 is 13% higher than that in the same month last year. During the month, revenue from domestic transactions (including import of services) is also 13% higher than the revenues from these sources during the same month last year. The average gross monthly GST collection in the FY24 now stands at Rs 1.66 lakh crore and is 11% per cent more than that in the same period in the previous financial year," added the ministry. 

The government has settled Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST. The total revenue of Centre and the States in the month of October, 2023 after regular settlement is Rs 72,934 crore for CGST and Rs 74,785 crore for SGST. 

MS Mani, Partner, Deloitte India, said: The remarkable growth in GST collections over the past few months is not only on account of the underlying strong economic factors, but also due to the efforts of the tax authorities in deploying tools to compare data sets to determine short payment and evasion. The growing emphasis on audits led by specific information available on various databases, not only on the GST portal, has led to a significant increase in compliance across sectors and states. This is also reflected in the upsurge in the GST collections across key manufacturing and consuming states.”