New Delhi [India]: Goods and Services Tax (GST) collections for October stood at Rs 1.72 lakh crore, which is the second highest ever, according to an official statement issued by the Finance Ministry on Wednesday.
‘The gross GST revenue collected in the month of October 2023 is Rs 1,72,003 crore, out of which Rs 30,062 crore is CGST, Rs 38,171 crore is SGST, Rs 91,315 crore (including Rs 42,127 crore collected on import of goods) is IGST and Rs 12,456 crore (including Rs 1,294 crore collected on import of goods) is cess,’ Finance ministry said.
The highest-ever GST collections were recorded in the month of April this year at Rs 1.87 lakh crore.
Finance Ministry further mentioned that the average gross monthly GST collection in Financial Year 2023-24 now stands at Rs 1.66 lakh crore and GST collections are 13 per cent higher on year on year basis than the Rs 1.52 lakh crore collected in October 2022.
‘The gross GST revenue for the month of October 2023 is 13 percent higher than that in the same month last year. During the month, revenue from domestic transactions (including the import of services) is also 13 percent higher than the revenues from these sources during the same month last year. The average gross monthly GST collection in FY 2023-24 now stands at Rs. 1.66 lakh crore and is 11 per cent more than that in the same period in the previous financial year,’ the ministry said.
Meanwhile, the gross Goods and Services Tax revenue collected in the month of September was Rs 162,712 crore.