GST collections rise 13% yoy to Rs 1.72 lakh cr in October; second highest after April

2023-11-01 09:15:29

Goods and Services Tax (GST) collections for the month of October increased by 13 per cent Y-o-Y to Rs 1.72 lakh crore, revealed data published by the Ministry of Finance on Wednesday.

The collection for the month of October has emerged as the second highest ever following April 2023, which stood at Rs 1.87 lakh crore.

India’s GST collections stood at Rs 1.63 lakh crore in September. This is the eighth month in a row that the monthly GST mop-up has come in above the Rs 1.5-lakh-crore mark.

“The average gross monthly GST collection for the fiscal year 2023-24 now stands at Rs 1.66 lakh crore which is 11 per cent higher Y-o-Y,” said the statement of the Finance Ministry.

During the month, revenue from domestic transactions (including import of services) is also 13 per cent higher than the revenues from these sources during the same month last year, said the government’s statement.

Of the total 1.72 lakh crore collection, CGST component was Rs 30,062 crore, SGST was Rs 38,171 crore and IGST was Rs 91,315 crore. The government has settled Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST.

“Spate of notices, anti-evasion drive, DGST investigations have led to substantial collections. Further, the period from September to December is a festive period where consumer spending is substantial on high-value items like real estate, vehicles, gold and travel,” said Parag Mehta, Partner, Indirect Tax, N.A. Shah Associates.

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