Goods and Services Tax (GST) collections for the month of October 2023 have reached an all-time high. Total GST (Goods and Services Tax) revenue in October 2023 stood at Rs 1,72,003 crore. This figure is made up of CGST (Central GST) of Rs 30,062 crore, SGST (State GST) of Rs 38,171 crore, IGST (Integrated GST) of Rs 91,315 crore (including Rs 42,127 crore from imported goods) and Rs 12,456 crore (including GST). (Rs 1,294 crore from imported goods) in compensation cess.
In a closer examination of the revenue allocation, the government distributed Rs 42,873 crore from IGST to CGST and Rs 36,614 crore to SGST. After the provisional settlement, the total GST revenue for October 2023, for both the Center and states, was Rs 72,934 crore for CGST and Rs 74,785 crore for SGST.
comparison with last year
GST collection for October 2023 saw an increase of 13% compared to the previous year. In the same month, domestic transactions including import of services saw a 13% increase in revenue compared to the previous year. For the financial year 2023-24, the average monthly GST collection is now Rs 1.66 lakh crore, showing an increase of 11% over the previous financial year. For more detailed information, you can refer to the chart provided by the Finance Ministry, showing the monthly trend in total GST revenue for the current financial year.
?GST collection increased from ₹1.62 Lk Cr to ₹1.72 Lk Cr in October#GSTCollection #gstcouncil @talktotarun pic.twitter.com/L4Os5sbBCT
— Zee Business (@ZeeBusiness) November 1, 2023
Importance of GST collection
GST collection is an important economic indicator for the Indian economy. Amid ongoing geopolitical uncertainties and concerns of a global economic slowdown, a strong GST collection highlights the underlying resilience of the Indian economy. The Goods and Services Tax, introduced in July 2017, has played a significant role in reshaping India’s indirect tax landscape.