New Delhi: The Goods and Service Tax (GST) collection crossed Rs 1.72 lakh crore in October. GST collection reported a growth of 13% in last month. This is the second highest GST revenue collected this year. The highest-ever revenue from GST was recorded in April 2023 at Rs 1.87 lakh crore
The October GST collections is 5.71% higher than what was collected in September. In September, it was Rs 1.63 lakh crore.
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The average gross monthly GST collection in the current fiscal has also shown an 11% growth year-on-year at Rs 1.66 lakh crore. This is the eighth month in a row that the monthly GST collection has come in above the Rs 1.5-lakh-crore mark. GST was launched on July 1, 2017.
The gross GST revenue collected in October 2023 is Rs 1,72,003 crore, out of which Rs 30,062 crore is Central GST, Rs 38,171 crore is State GST, Rs 91,315 crore (including Rs 42,127 crore collected on import of goods) is Integrated GST, and Rs 12,456 crore (including Rs 1,294 crore collected on import of goods) is cess.
The government has settled Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST. The total revenue of the Centre and states in October after regular settlement is Rs 72,934 crore for CGST and Rs 74,785 crore for SGST.
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