News Brief
October 2023 GST Revenue Hits Second Highest Ever; Reaches Rs 1.72 Lakh Crore, Just Shy Of April 2023 Record
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India's gross goods and services tax (GST) revenue for October 2023 has reached Rs 172,003 crore, according to a press release by the Press Information Bureau (PIB).
The provided chart illustrates the monthly trends in gross GST revenues for the current year.
This total includes Rs 30,062 crore in Central GST (CGST), Rs 38,171 crore in State GST (SGST), Rs 91,315 crore in Integrated GST (IGST), and Rs 12,456 crore in cess, which also includes Rs 1,294 crore collected on the import of goods.
The government has settled Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST.
Following this regular settlement, the total revenue for the Centre and the states for October 2023 is Rs 72,934 crore for CGST and Rs 74,785 crore for SGST.
The gross GST revenue for October 2023 is 13 per cent higher than that in the same month last year.
Additionally, revenue from domestic transactions, including the import of services, has also increased by 13 per cent compared to the same month last year.
The average monthly GST collection for the fiscal year 2023-24 now stands at Rs 1.66 lakh crore, marking an 11 per cent increase compared to the same period in the previous financial year.
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