Introduction: The Ministry of Finance has released its report on GST revenue collection for October 2023, showcasing impressive growth compared to the previous year. This detailed analysis delves into the numbers, highlighting key insights and state-wise figures.
Introduction: The Ministry of Finance has released its report on GST revenue collection for October 2023, showcasing impressive growth compared to the previous year. This detailed analysis delves into the numbers, highlighting key insights and state-wise figures.
Detailed Analysis: In October 2023, India's GST revenue reached a significant milestone, totaling ₹1.72 lakh crore, marking a substantial 13% increase compared to the same month in the previous year. This achievement comes second only to the record set in April 2023. The revenue from domestic transactions, including import of services, also exhibited a parallel growth of 13% year-on-year, underscoring the robustness of the economic activities.
Breaking down the figures, the data reveals a comprehensive picture. Out of the total revenue collected, ₹30,062 crore constituted CGST, ₹38,171 crore as SGST, ₹91,315 crore (including ₹42,127 crore from import of goods) as IGST, and ₹12,456 crore (including ₹1,294 crore from import of goods) as cess. The government's efficient settlement processes ensured ₹42,873 crore to CGST and ₹36,614 crore to SGST from IGST, resulting in a balanced distribution of revenue.
Examining the state-wise figures, several regions demonstrated substantial growth in GST revenue. For instance, Uttar Pradesh experienced a notable 19% increase, while states like Maharashtra, Karnataka, and Telangana displayed growth rates of 19%, 16%, and 19% respectively. These numbers reflect the economic vibrancy in these regions and their contribution to the overall GST collection.
Conclusion: The Ministry of Finance's report for October 2023 underscores the nation's economic resilience and growth. With a 13% year-on-year increase, the GST revenue collection reached ₹1.72 lakh crore, showcasing a thriving economy. The efficient distribution of revenue among states further strengthens India's fiscal stability. This achievement reaffirms the effectiveness of economic policies and sets a positive trajectory for future financial endeavors, bolstering India's position on the global economic stage.
Ministry of Finance
GST revenue collection for October 2023 is second highest ever, next only to April 2023, at ₹1.72 lakh crore; records increase of 13% Y-o-Y
Revenue from domestic transactions (including import of services) is also 13% higher Y-o-Y
Average gross monthly GST collection in FY 2023-24 now stands at ₹1.66 lakh crore; 11% higher Y-o-Y
Posted On: 01 NOV 2023 2:31PM by PIB Delhi
The gross GST revenue collected in the month of October, 2023 is ₹ 1,72,003 crore out of which ₹ 30,062 crore is CGST, ₹ 38,171 crore is SGST, ₹ 91,315 crore (including ₹ 42,127 crore collected on import of goods) is IGST and ₹ 12,456 crore (including ₹ 1,294 crore collected on import of goods) is cess.
The government has settled ₹ 42,873 crore to CGST and ₹ 36,614 crore to SGST from IGST. The total revenue of Centre and the States in the month of October, 2023 after regular settlement is ₹72,934 crore for CGST and ₹ 74,785 crore for SGST.
The gross GST revenue for the month of October, 2023 is 13% higher than that in the same month last year. During the month, revenue from domestic transactions (including import of services) is also 13% higher than the revenues from these sources during the same month last year. The average gross monthly GST collection in the 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 chart below shows trends in monthly gross GST revenues during the current year. The table below shows the state-wise figures of post settlement GST revenue of each State till the month of October 2023.
Chart: Trends in GST Collection
Table: SGST & SGST portion of IGST settled to States/UTs
April-October (Rs. in crore)