India’s gross Goods and Services Tax (GST) revenue for October 2023 soared to its second-highest-ever figure of ₹1.72 lakh crore ($22.9 billion), marking a 13% year-over-year increase. This robust growth comes despite looming global recession fears and geopolitical conflicts.
The Central government’s GST revenue collection included ₹30,062 crore ($4 billion) as Central GST (CGST), ₹38,171 crore ($5.1 billion) as State GST (SGST), and ₹91,315 crore ($12.2 billion) as Integrated GST (IGST). The IGST amount includes ₹42,127 crore ($5.6 billion) collected on import of goods. The government also collected ₹12,456 crore ($1.7 billion) as cess.
A significant portion of the IGST was settled to both CGST and SGST, with ₹42,873 crore ($5.7 billion) going to CGST and ₹36,614 crore ($4.9 billion) to SGST. Post-settlements, October’s total revenue was ₹72,934 crore ($9.8 billion) for CGST and ₹74,785 crore ($10 billion) for SGST.
The record GST collection was in April at ₹1.87 lakh crore ($25 billion). Meanwhile, the average gross monthly GST collection for the fiscal year 2023-24 now stands at ₹1.66 lakh crore ($22.2 billion), up by 11% from the previous financial year.
September also witnessed strong performance with a monthly collection of ₹1.62 trillion ($21.6 billion), marking a 10% annual growth from the previous year. This growth has been attributed to improved administrative efficiency and a structural shift in the economy.
Regionally, Gujarat observed an 11% increase in GST collection from April to October, reaching ₹36,322 crore ($4.9 billion) due to improved tax compliance. The total tax collection in October alone stood at ₹9,730 crore ($1.3 billion).
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