Record 13% Year-on-Year Increase Cements GST’s Robust Performance in October 2023
The gross GST revenue collected in October 2023 marks a remarkable increase of 13% year-on-year, second only to collections in April this year. Discover how this data is critical to understanding the Indian economy’s fiscal health.
DESK – The government’s coffers are swelling as October 2023 saw the second-highest GST revenue collection ever recorded, at ₹1.72 lakh crore. This figure is only surpassed by the collection in April 2023.
During October, the total revenue for both the Centre and the States amounted to ₹72,934 crore for CGST and ₹74,785 crore for SGST, following regular settlements from IGST.
The breakdown reveals that the ₹1.72 lakh crore consists of ₹30,062 crore as CGST, ₹38,171 crore as SGST, ₹91,315 crore as IGST, and ₹12,456 crore as cess. Notably, IGST on imported goods made up ₹42,127 crore, and cess on imported goods was ₹1,294 crore.
The year-on-year growth for October stands at 13%, an indicator that the tax collection mechanism is holding strong.
Additionally, revenue from domestic transactions has also seen a similar 13% uptick when compared to the same month last year.
The fiscal landscape for 2023-24 shows that the average gross monthly GST collection has reached Rs. 1.66 lakh crore, registering an 11% increase over the same period in the previous financial year.
To settle the funds, ₹42,873 crore has been allocated to CGST and ₹36,614 crore to SGST from the IGST pool.
