- The GST collection in October 2023 reached Rs 1.72 lakh crore, making it the second-highest collection ever recorded. This represents a 13% increase on an annual basis.
- The Ministry of Finance stated that the average gross monthly GST collection in FY24 now stands at Rs 1.66 lakh crore, which is 11% higher compared to the same period in the previous fiscal year.
- The GST revenue for October 2023 comprises different components, including Rs 30,062 crore for Central Goods and Services Tax (CGST), Rs 38,171 crore for State Goods and Services Tax (SGST), Rs 91,315 crore for Integrated Goods and Services Tax (IGST), and Rs 12,456 crore as cess.
- The government has settled Rs 42,873 crore for CGST and Rs 36,614 crore for SGST from IGST, resulting in total revenue of Rs 72,934 crore for CGST and Rs 74,785 crore for SGST in October 2023 after regular settlement.
- This strong GST collection is seen as a positive indicator of economic activity and consumer spending in India, supporting the country’s growth prospects.