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GST collections rise to second-highest ever at Rs 1.72 lakh crore in October, up 13% YoY

The Goods and Services Tax (GST) revenue collection for October 2023 has reached an impressive milestone, standing as the second-highest ever recorded. Surpassing the previous year's figures, this achievement showcases a significant 13% year-on-year increase. With a total collection of ₹1.72 lakh crore, the month of October 2023 has proven to be a remarkable period for GST revenue.

Impressive Growth in GST Revenue

The Ministry of Finance has reported a remarkable growth in GST revenue collection for October 2023. Compared to the same month in the previous year, the revenue has witnessed a substantial increase of 13%. This growth is not limited to a specific category but is inclusive of both domestic transactions and import of services. The revenue from domestic transactions, including the import of services, has also experienced a robust 13% growth compared to the previous year.

Monthly Trends in GST Revenue

To better understand the growth trajectory of GST revenue, let's take a closer look at the monthly trends during the current fiscal year. The chart below provides a visual representation of the monthly gross GST revenues for the year 2023:

As depicted in the chart, the revenue collection has been consistently strong throughout the year, with October 2023 marking a significant milestone. This upward trend demonstrates the resilience and effectiveness of the GST system in generating revenue for the government.

Breakdown of October 2023 GST Revenue Collection

The gross GST revenue collected in October 2023 amounts to ₹1,72,003 crore. This total can be further broken down into different components:

  • CGST (Central Goods and Services Tax): ₹30,062 crore
  • SGST (State Goods and Services Tax): ₹38,171 crore
  • IGST (Integrated Goods and Services Tax): ₹91,315 crore (including ₹42,127 crore collected on import of goods)
  • Cess: ₹12,456 crore (including ₹1,294 crore collected on import of goods)

It is worth noting that the government has settled ₹42,873 crore to CGST and ₹36,614 crore to SGST from IGST. After the regular settlement, the total revenue for the Centre and the States in October 2023 stands at ₹72,934 crore for CGST and ₹74,785 crore for SGST.

State-wise GST Revenue Collection

The state-wise figures of post-settlement GST revenue for each state in October 2023 are as follows:

State/UT

Pre-Settlement SGST (2022-23)

Post-Settlement SGST (2023-24)

Growth

Jammu and Kashmir

1,318

4,299

34%

Himachal Pradesh

1,341

3,368

15%

Punjab

4,457

11,378

10%

Chandigarh

351

1,227

11%

Uttarakhand

2,805

4,513

12%

Haryana

10,657

18,291

9%

Delhi

8,000

16,796

13%

Rajasthan

8,832

19,922

12%

Uttar Pradesh

15,848

38,731

19%

Bihar

4,110

13,768

15%

Sikkim

179

489

66%

Arunachal Pradesh

282

932

34%

Nagaland

125

564

42%

Manipur

166

812

27%

Mizoram

105

488

60%

Tripura

242

847

23%

Meghalaya

265

841

33%

Assam

2,987

7,237

15%

West Bengal

12,682

22,998

9%

Jharkhand

4,329

6,466

19%

Odisha

8,265

11,031

13%

Chhattisgarh

4,285

6,421

11%

Madhya Pradesh

6,062

15,418

22%

Gujarat

21,644

32,943

11%

Dadra and Nagar Haveli and Daman and Diu

381

709

-3%

Maharashtra

48,870

74,612

19%

Karnataka

20,165

37,924

16%

Goa

1,111

2,024

18%

Lakshadweep

61

186

62%

Kerala

7,016

17,450

15%

Tamil Nadu

20,836

34,334

14%

Puducherry

271

695

6%

Andaman and Nicobar Islands

112

287

12%

Telangana

9,538

21,301

19%

Andhra Pradesh

7,347

16,441

11%

Ladakh

81

311

49%

Other Territory

97

281

44%

Grand Total

2,35,167

4,46,167

15%

Conclusion

The GST revenue collection for October 2023 has shattered records, standing as the second-highest ever recorded. With an impressive year-on-year increase of 13%, this achievement highlights the robustness and effectiveness of the GST system in generating revenue for the government. The growth in revenue is not limited to a specific category, as both domestic transactions and import of services have contributed significantly. This positive trend showcases the resilience and stability of the Indian economy despite the challenges faced in recent years. As the GST continues to evolve and adapt, it remains a crucial pillar of India's fiscal landscape.

author

The Tax Heaven

Mr.Vishwas Agarwal✍📊, a seasoned Chartered Accountant 📈💼 and the co-founder & CEO of THE TAX HEAVEN, brings 10 years of expertise in financial management and taxation. Specializing in ITR filing 📑🗃, GST returns 📈💼, and income tax advisory. He offers astute financial guidance and compliance solutions to individuals and businesses alike. Their passion for simplifying complex financial concepts into actionable insights empowers readers with valuable knowledge for informed decision-making. Through insightful blog content, he aims to demystify financial complexities, offering practical advice and tips to navigate the intricate world of finance and taxation.

Frequently Asked Questions

The significance lies in the fact that it marks a substantial increase of 13% year-on-year (YoY), showcasing a robust growth in GST revenue.

The October collection stands as the second-highest ever recorded, indicating a positive trend in GST revenue generation.

Several factors might have contributed, including increased economic activities, improved compliance, and enforcement measures by tax authorities.

Various sectors, such as manufacturing, services, and retail, likely contributed to the increased GST collections due to heightened business activities.

A rise in GST collections suggests a healthier economy, indicating increased consumption, production, and overall economic activity.

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