India's GST Collection In October Second Highest Ever At Rs 1.72 Lakh Crore

The Goods and Services Tax (GST) revenue collection jumped 13 per cent in October to Rs 1.72 lakh crore, the second highest ever tax collection next only to Rs 1.87 lakh crore in April 2023.

"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," the Ministry of Finance said in a statement on Wednesday (1 November).

The government has settled Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST, the ministry said.

"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," it added.

The gross GST revenue for the month of October, 2023 is 13 per cent higher than that in the same month last year, the ministry said.

During the month, revenue from domestic transactions (including import of services) is also 13 per cent higher than the revenues from these sources during the same month last year, it added.

According to the ministry, the average gross monthly GST collection in the FY 2023-24 now stands at Rs. 1.66 lakh crore and is 11 per cent per cent more than that in the same period in the previous financial year.