GST collection in September 2023: It is for the fourth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24
Gross GST collections in September 2023 stood at Rs 1,62,712 crore, which is 10 per cent higher as compared to last year, according to the latest official data released on Sunday. It is the fourth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in the current FY 2023-24.
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During the first half of the FY 2023-24 ended September 2023, the gross GST collection stood at Rs 9,92,508 crore, which is 11 per cent higher than the Rs 8,93,334 crore recorded a year ago.
“The revenues for the month of September 2023 are 10 per cent higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year. It is for the fourth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24,” the finance ministry said in a statement.
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GST collection data for 2022-23 and 2023-24 so far. (Source: Finance Ministry)
The average monthly gross collection in FY 2023-24 stood at Rs 1.65 lakh crore, which is 11 per cent higher than the average monthly gross collection for the first half of FY 2022-23 where it was Rs 1.49 lakh crore.
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The gross GST revenue collected in September 2023 was Rs 1,62,712 crore. Out of this, CGST is Rs 29,818 crore, SGST is Rs 37,657 crore, IGST is Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess is Rs 11,613 crore (including Rs 881 crore collected on import of goods), it said.
Abhishek Jain, Indirect Tax Head and Partner, KPMG, said, “With the normal period of limitation for FY17-18 ending on September 30, some of this increased collection could be linked to businesses having settled issues with payment of taxes for the said period. While 1.6 lakh crore plus seems to be the new normal, this could see a further uptick with the festive season around the corner.”
