GST collection: India’s GST collections up 10% y/y to Rs 1.63 lakh crore in September

2023-10-01 10:17:39

India’s goods and services tax collections grew to Rs 1.63 lakh crore in September, up by 10 per cent on a year-on-year basis, the Finance Ministry said in a statement on Sunday. It is for the fourth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24.

GST collection had witnessed a similar annualised jump in August, at Rs 1.59 lakh crore.

Of the Rs 1.63 lakh crore in September, CGST component was Rs 29,818 crore, SGST Rs 37,657 crore, IGST Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess Rs 11,613 crore (including Rs 881 crore collected on import of goods).

The government settled Rs 33,736 crore to CGST and Rs 27,578 crore to SGST from IGST. “The total revenue of Centre and the States in the month of September 2023 following regular settlement is Rs 63,555 crore for CGST and Rs 65,235 crore for the SGST,” the ministry said in a statement.

During the month, the revenues from domestic transactions (including import of services) were 14 per cent higher than the revenues from these sources during the same month last year.The gross GST collection for the first half of the FY 2023-24 ending September, 2023 (Rs 9,92,508 crore) was 11 per cent higher than the gross GST collection in the first half of FY 2022-23 (Rs 8,93,334 crore). The average monthly gross collection in FY 2023-24 was Rs 1.65 lakh crore, 11 per cent higher than average monthly gross collection for the first half of FY 2022-23 where it was Rs 1.49 lakh crore.

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