India’s GST Collection Crosses ₹1.60 Lakh Crore Mark for 4th Time in FY 2023-24

GG News Bureau

New Delhi, 2nd Oct. India’s gross GST revenue collected in the month of September, 2023 is ₹1,62,712 crore out of which CGST is ₹29,818 crore, SGST is ₹37,657 crore, IGST is ₹83,623 crore (including ₹41,145 crore collected on import of goods) and cess is ₹11,613 crore (including ₹881 crore collected on import of goods).

The government has settled ₹33,736 crore to CGST and ₹27,578 crore to SGST from IGST.

The total revenue of Centre and the States in the month of September, 2023 after regular settlement is ₹63,555 crore for CGST and ₹65,235 crore for the SGST.

The revenues for the month of September, 2023 are 10% 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% 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 ₹1.60 lakh crore mark in FY 2023-24.

The gross GST collection for the first half of the FY 2023-24 ending September, 2023 [₹9,92,508 crore] is 11% higher than the gross GST collection in the first half of FY 2022-23 [₹8,93,334 crore].

The average monthly gross collection in FY 2023-24 is ₹1.65 lakh crore, which is 11% higher than average monthly gross collection for first half of FY 2022-23 where it was ₹1.49 lakh crore.