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.
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 the month of October, 2023 after regular settlement is Rs.72,934 crore for CGST and Rs. 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 as compared to previous year.
(Also read: 10 tips for using your Credit Card smartly)
(Also read: 10 best investments for Tax Saving)
(Also read: CBDT increases exemption limit on leave encashment for non-government employees)
(Also read: GSTN launches e-Invoice Verifier app to verify e-invoices without login)
(Also read: Hotels or Restaurants cannot add Service charge automatically or by default in the Food bill)
(Also read: Government sets penalty upto Rs. 50 Lakhs for misleading advertisements and endorsements)
Disclaimer: The above post includes some content used from PIB website and executed on this website for fair use only. As this website is of educational nature, hence the content is used for education and awareness to the public.
Title Tags: GST revenue collection for October 2023 second-highest ever; GST revenue collection crosses ₹1.7 lakh crore in October 2023; Robust GST revenue collection reflects India's economic strength; GST revenue collection up 13% in October 2023; GST revenue collection on track to meet budget targets; GST revenue collection shows signs of economic revival; GST revenue collection boosts government finances; GST revenue collection supports government's development agenda; GST revenue collection helps government meet social welfare commitments; GST revenue collection key to India's economic growth; GST revenue collection reflects India's growing tax base; GST revenue collection contributes to India's fiscal consolidation; GST revenue collection boosts government's investment capacity; GST revenue collection supports government's infrastructure development plans; GST revenue collection helps government create jobs; GST revenue collection key to India's sustainable development; GST revenue collection reflects India's growing tax compliance; GST revenue collection boosts government's tax buoyancy; GST revenue collection helps government reduce deficit; GST revenue collection key to India's economic stability; GST revenue collection reflects India's increasing tax efficiency; GST revenue collection helps government achieve its fiscal goals; GST revenue collection key to India's long-term economic growth; GST revenue collection reflects India's economic resilience