In yet another milestone, the Central government recorded the GST revenue collection at second highest ever for the month of October at Rs 1.72 lakh crore, marking an increase of 13 per cent Y-o-Y, said the Ministry of Finance on Wednesday.
Last time, it was in April that the government recorded its highest-ever GST collection at Rs 1.87 lakh crore.
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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.
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Out of Rs 1.72 lakh crore, Rs 30,062 crore is CGST, Rs 38,171 crore is SGST, Rs 91,315 crore is IGST and Rs 12,456 crore is cess including Rs 1,294 crore collected on import of goods.
The Rs 91,315 crore as IGST includes Rs 42,127 crore collected on import of goods.
According to the Ministry of Finance, the Government has settled Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from the IGST.
The total revenue of Centre and the States in the month of October 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, is 13 per cent higher than that in the same month last year.
For October, revenue from domestic transactions, including import of services, is also 13 per cent higher compared to last year for the same period.
Last month, Central and State Governments collected Rs 1.62 trillion in GST, marking the fourth highest monthly collection since the inception of the indirect tax regime and a 10 per cent annual growth from the year-ago period.
Experts believe the GST collection growth has been aided to a considerable degree by improved administrative efficiency as well as a structural shift.
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