October saw a 13% YoY increase in GST receipts to the second-highest level ever, at Rs 1.72 lakh crore

 October saw a 13% YoY increase in GST receipts to the second-highest level ever, at Rs 1.72 lakh crore

The monthly GST mop-up has exceeded the Rs 1.5 lakh crore threshold for the ninth consecutive month.

The Center projects a 12% increase in GST receipts in 2023–2024.

The Ministry of Finance said on November 1 that the government's October Goods and Services Tax (GST) revenues increased by 13% year over year to Rs 1.72 lakh crore, the second-highest revenue collection ever.

"October 2023 had the second-highest GST income collection history, surpassed only by April 2023. Domestic transaction revenue, which includes service imports, has increased by 13% over the previous year. The finance ministry released a statement saying, "Average gross monthly GST collection in FY 2023–24 is currently at Rs 1.66 lakh crore, which is 11% higher year over year."

The October GST receipts, at Rs 1.72 lakh crore, are 5.71 percent more than the September collections.

The monthly GST revenue has exceeded Rs 1.5 lakh crore for the seventh consecutive month.

Over time, monthly GST revenues have increased. After the epidemic struck in 2020–21, collections quickly increased from an average of less than Rs 1 lakh crore per month in 2017–18, to an average of Rs 1.51 lakh crore in 2022–23.

At Rs. 1.66 lakh crore, the average gross monthly GST collection for the FY 2023–24 is 11% more than for the same time in the previous fiscal year.

The Center anticipates a 12 percent increase in its GST receipts in the current fiscal year, in accordance with the 2023–24 Budget.

October's total tax income was as follows: Rs 30,062 crore for Central GST, Rs 38,171 crore for State GST, Rs 91,315 crore for Integrated GST, and Rs 12,456 crore for Compensation Cess.

The government paid out Rs 42,873 crore to the Central Government as well as Rs 36,614 crore to the State Government under the Integrated GST in October. Consequently, the Center's total income for the month after settlement was Rs 72,934 crore, while the State GST revenue was Rs 74,785 crore.