GST Collection Rises by 9%

GST Collection ₹ 172L Crore In October, 2nd Highest Ever

Goods and Services Tax (GST) collections for October stood at Rs 1.72 lakh crore, which is the second highest ever, according to an official statement issued by the Finance Ministry on Wednesday.

“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,” Finance ministry said.

The highest-ever GST collections were recorded in the month of April this year at Rs 1.87 lakh crore.

Finance Ministry further mentioned that the average gross monthly GST collection in Financial Year 2023-24 now stands at Rs 1.66 lakh crore and GST collections are 13 per cent higher on year on year basis than the Rs 1.52 lakh crore collected in October 2022.

“The gross GST revenue for the month of October 2023 is 13 percent higher than that in the same month last year. During the month, revenue from domestic transactions (including the import of services) is also 13 percent higher than the revenues from these sources during the same month last year. The average gross monthly GST collection in FY 2023-24 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,” the ministry said.

Meanwhile, the gross Goods and Services Tax revenue collected in the month of September was Rs 162,712 crore. (ANI)

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GST Collection

GST Collection Rises 12% In May On YoY Basis

The Goods and Services Tax (GST) revenue collected in the month of May 2023 was worth Rs 157,090 crore, official data showed Thursday.

The GST revenues for the month of May 2023 are 12 per cent higher than the GST revenues in the same month last year.
During the month, revenue from the import of goods was 12 per cent higher and the revenues from domestic transactions (including import of services) are 11 per cent higher than the revenues from these sources during the same month last year.

Of the total, CGST was Rs 28,411 crore, SGST was Rs 35,828 crore, IGST Rs 81,363 crore and cess Rs 11,489 crore.

In April, the gross GST collection was at an all-time high of Rs 187,035 crore, Rs 19,495 crore more than the next highest collection of Rs 167,540 crore in April 2022. (ANI)

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