October GST collection touches second-highest ever at Rs. 1.72L crore
The Ministry of Finance revealed that the Centre's Goods and Services Tax (GST) revenue for October 2023 reached Rs. 1.72 lakh crore. This is a 13% increase compared to the previous year and the second-highest collection ever recorded. This achievement comes on the heels of April 2023's all-time high and is 5.71% greater than the revenue collected in September. The ministry's announcement emphasized that this marks the eighth straight month where monthly GST collections have exceeded Rs. 1.5 lakh crore.
Average gross monthly GST collection is Rs. 1.66 lakh crore
The average gross monthly GST collection for the fiscal year (FY) 2023-24 now stands at Rs. 1.66 lakh crore, an 11% rise from the prior year. This upward trend signifies a substantial enhancement in collections since the GST's inaugural year in 2017-18, which saw an average of less than Rs. 1 lakh crore per month. The average monthly collection experienced a swift increase after the pandemic-affected year of 2020-21, reaching Rs. 1.51 lakh crore in 2022-23.
Breakdown of GST collections and government expectations
In October, Central GST amounted to Rs. 30,062 crore, State GST totaled Rs. 38,171 crore, Integrated GST reached Rs. 91,315 crore, and compensation cess was Rs. 12,456 crore. The government settled Rs. 42,873 crore to Central GST and Rs. 36,614 crore to State GST from Integrated GST, resulting in total revenue of Rs. 72,934 crore for the Centre and Rs. 74,785 crore for State GST post-settlement. The Centre anticipates a 12% increase in GST collections during the current financial year.
