New Delhi. Goods and Services Tax (GST) collections increased by 13 percent year-on-year to Rs 1.72 lakh crore in October. This is the second highest monthly figure of GST collection. The Finance Ministry gave this information on Wednesday. GST collection in October last year was Rs 1.52 lakh crore.
The ministry said in the statement, 'GST revenue for October 2023 is the second highest figure after April 2023. The GST collection in April, 2023 was Rs 1.87 lakh crore, while in September it was Rs 1.63 lakh crore. The average monthly GST collection in the financial year 2023-24 has been Rs 1.66 lakh crore. This is 11 percent more than last year. ICRA Chief Economist Aditi Nair said GST collections have increased due to quarter-end adjustments related to last month's transactions and the pace of the economy. “With this, year-on-year growth momentum reached a 10-month high in October 2023, which is encouraging,” Nair said. At present, we estimate that the Central GST (CGST) collection will be slightly higher than the budget estimate for the current financial year.
The total GST revenue in October, 2023 has been Rs 1,72,003 crore. Of this, 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 goods imports) is Integrated GST and Rs 12,456 crore (including Rs 1,294 crore collected on goods imports) is Cess. The government has settled Rs 42,873 crore of CGST and Rs 36,614 crore of SGST in IGST.
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