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:

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.