October's GST Collections Increase By 13% To Rs 1.72 lakh Crore

October's GST revenue is second only to the month of April 2023
October's GST Collections Increase By 13% To Rs 1.72 lakh Crore

October's Goods and Services Tax (GST) collections climbed by 13 per cent year-on-year to Rs 1.72 lakh crore, according to figures released on 1 November by the Ministry of Finance.

With October's collection coming in at Rs 1.87 lakh crore, it is now the second biggest collection ever, behind April 2023, according to ET.

In September, GST receipts in India totaled Rs 1.63 lakh crore. The monthly GST mop-up has exceeded the Rs 1.5 lakh crore threshold for the ninth consecutive month.

"The average gross monthly GST collection for the fiscal year 2023-24 now stands at Rs 1.66 lakh crore which is 11 per cent higher Y-o-Y," said the statement of the Finance Ministry.

According to a government statement, revenue from domestic transactions (including the import of services) during the month is also 13 per cent greater than revenue from these sources during the corresponding month of the previous year.

The CGST component was Rs 30,062 crore, the SGST was Rs 38,171 crore, and the IGST was Rs 91,315 crore of the total 1.72 lakh crore collected. The government has paid Rs 36,614 crore to the SGST from the IGST and Rs 42,873 crore to the CGST.

The strong GST collection for the fiscal year 2023–2024 is a part of a larger trend of rising revenue. With an 11 per cent annual rise, the average gross monthly GST collection currently stands at Rs 1.66 lakh crore.

The high collection also coincides with the festive season in which spending has surged.

According to Unified Payments Interface (UPI) data, October saw a 40 per cent increase in digital transactions compared to the same month in 2022.

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