Indian Economy News

At Rs. 1.72 lakh crore (US$ 21 billion), October 2023's GST revenue collection is the second-highest ever and increased by 13% YoY

In October 2023, Rs. 172,003 crore (US$ 20.66 billion) was the gross goods and services tax (GST) revenue collected. Of this, Rs. 30,062 crore (US$ 3.61 billion) was the Central GST (CGST), Rs. 38,171 crore (US$ 4.58 billion) was the State GST (SGST), Rs. 91,315 crore (U$ 10.96 billion) (which includes Rs. 42,127 crore (US$ 5.06 billion) collected on import of goods) was the Integrated GST (IGST), and Rs. 12,456 crore (US$ 1.49 billion) (which includes Rs. 1,294 crore (US4 155.4 million) collected on import of goods) was the cess.

After the regular settlement, the combined income of the Centre and the States for the month of October 2023 was Rs. 72,934 crore (US$ 8.76 billion) for CGST and Rs. 74,785 crore (US$ 8.98 billion) for SGST.

October 2023 saw a 13% increase in gross GST revenue over the same month the previous year.

Domestic transaction revenue for the month, which includes service import income, is also 13% greater than this source's revenue for the same month the previous year. By 11% over the same period in the previous financial year, the average gross monthly GST collection in FY24 is currently at Rs. 1.66 lakh crore (US$ 20 billion).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.