GST mop-up 2nd highest during Oct

Festive Sales

• Higher sales in Oct on festive demand
• Measures to check tax evasion
• Avg monthly GST collection in FY24 is Rs1.66 lakh cr
• It’s 11% higher than previous fiscal
• Gross GST revenue in Oct rose by 5.7% to Rs1,72,003 cr from Rs1,62,712 cr in Sept
• CGST was Rs30,062 cr
• SGST was Rs38,171 cr
• IGST was Rs91,315 cr including Rs42,127 cr on import of goods

New Delhi: GST collections increased 13 per cent to Rs1.72 lakh crore in October, the second highest-ever, helped by momentum in the economy, efforts of taxmen in checking evasion and festive demand. “GST revenue collection for October 2023 is second highest ever, next only to April 2023, at Rs1.72 lakh crore; records increase of 13 per cent Y-o-Y,” Finance Ministry said in a statement. The highest-ever revenue from Goods and Services Tax (GST) was recorded in April 2023 at Rs1.87 lakh crore, while in September, it was Rs1.63 lakh crore. The average gross monthly GST collection in the current fiscal has also shown an 11 per cent growth year-on-year at Rs1.66 lakh crore.

Icra Chief Economist Aditi Nayar said, “GST collections benefited from quarter-end adjustments related to transactions in the previous month and the overall momentum in the economy. With this, the pace of YoY growth jumped to a 10-month high in October 2023, which is encouraging. At present, we project the CGST collections to mildly exceed the FY2024 BE.”

During October, revenue from domestic transactions was 13 per cent higher year-on-year. The gross GST revenue collected in October 2023 is Rs1,72,003 crore, out of which Rs30,062 crore is Central GST, Rs38,171 crore is State GST, Rs91,315 crore (including Rs42,127 crore collected on import of goods) is Integrated GST, and Rs12,456 crore (including Rs1,294 crore collected on import of goods) is cess. The government has settled Rs42,873 crore to CGST and Rs36,614 crore to SGST from .