The average gross monthly GST collection in the FY 2023-24 now stands at Rs 1.66 lakh crore
GST collections in October 2023 jumped 13 per cent YoY to touch its second-highest-ever collection of Rs 1,72,003 crore, according to the latest official data released on Wednesday, November 1. The highest monthly GST mop-ups were recorded in April 2023 at Rs 1,87,035 crore.
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“GST revenue collection for October 2023 is second-highest ever, next only to April 2023, at Rs 1.72 lakh crore,” the finance ministry said in a statement.
The gross GST revenue for October 2023 is 13 per cent higher than that in the same month last year. During the month, revenue from domestic transactions (including import of services) is also 13 per cent 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 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.
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The government has settled Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST. The total revenue of Centre and the states in October 2023 after regular settlement is Rs 72,934 crore for CGST and Rs 74,785 crore for SGST.
M S Mani, partner at Deloitte India, said, “The remarkable growth in GST collections over the past few months is not only on account of the underlying strong economic factors, but also due to the efforts of the tax authorities in deploying tools to compare data sets to determine short payment and evasion.”
He added that the growing emphasis on audits led by specific information available on various databases, not only on the GST portal, has led to a significant increase in compliance across sectors and states. This is also reflected in the upsurge in the GST collections across key manufacturing and consuming states.
Abhishek Jain, indirect tax head & partner at KPMG, said, “This significantly increased collection could be linked to settlement of disputes for FY 17-18 as the normal period of limitation was ending on 30th September. A mid year collection of such an increased number is definitely worth a cheer and the ongoing festivities driven consumption could help this continue.”
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Vivek Jalan, partner at Tax Connect Advisory, said, “While the GST figures for October 2023 show a growth of 13 per cent over last year, the Cumulative growth of GST revenue for the period April 2023-October 2023 vis-a-vis same period last year is 11% as against the budgeted 12 per cent growth of CGST+SGST+Compensation Cess revenue. Important to note that even a 1 per cent deficit in GST revenue from budget can have a 0.03 per cent or so impact on the fiscal deficit target for FY 23-24.”
