GST Collection in October 2023: The Second Highest on Record!

India’s GST revenue collection for October 2023 has shattered records, marking the second-highest collection ever, closely trailing behind the historic collection in April 2023, with a staggering ₹1.72 lakh crore. This remarkable achievement demonstrates a substantial 13% year-on-year growth, signaling robust economic activity across the nation.

A Year-on-Year Surge in Domestic Transactions

Notably, revenue from domestic transactions, including the import of services, has also exhibited a commendable 13% rise when compared to the figures from the same period last year. This points to the resilience of the Indian economy and the increased pace of domestic business operations.

Steady Growth in Monthly GST Collections

As a result of this impressive performance, the average gross monthly GST collection for the fiscal year 2023-24 now stands at an imposing Rs 1.66 lakh crore. This figure represents a striking 11% growth year-on-year, underscoring the consistent upward trajectory in revenue collection.

Breaking Down the Figures

Breaking down the GST collection for October 2023, we see a comprehensive picture. Of the Rs 1,72,003 crore collected, Rs 30,062 crore accounts for Central GST (CGST), Rs 38,171 crore for State GST (SGST), Rs 91,315 crore for Integrated GST (IGST), which includes Rs 42,127 crore collected on import of goods, and Rs 12,456 crore for cess, which includes Rs 1,294 crore from import of goods.

Inter-Governmental Settlements

The government has efficiently distributed Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST, fostering cooperative federalism. As a result, the cumulative revenue for both the Central and State governments for October 2023, after regular settlements, stands at an impressive Rs 72,934 crore for CGST and Rs 74,785 crore for SGST.

A Year of Exceptional Growth

The stellar performance of GST revenue in October 2023, soaring by 13% from the previous year, showcases India’s remarkable economic resilience. The 13% growth in revenue from domestic transactions further underscores the robustness of the economy.

Charting the Course Ahead

To visualize the trends in monthly gross GST revenues during the current fiscal year, check out the chart below. Additionally, the table provides state-wise figures of post-settlement GST revenue for each state through October 2023, shedding light on the regional dynamics of this fiscal achievement.

Chart: Trends in GST Collection

These figures are not just statistics; they reflect the economic vitality and resilience of India’s businesses and citizens. As the nation continues to navigate the complexities of the global economy, this remarkable GST revenue collection for October 2023 serves as a testament to India’s unwavering commitment to economic growth and development.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.