GST collections rise 13% to Rs 1.72 lakh crore in October

GST October collections: The government's gross collections of Goods and Services Tax (GST) increased 13 per cent on a year-on-year basis to Rs 1.72 lakh crore in October, according to official data released on Wednesday. That marked the second highest monthly collections, second only to April 2023 when the figure stood at Rs 1.87 lakh crore.  

Out of the Rs 1.72 lakh crore, central GST (CGST) stood at Rs 30,062 crore, state GST (SGST) at Rs 38,171 crore, and integrated GST (IGST)—or the indirect tax levied on the supply of goods and services across two or more states or UTs—at Rs 91,315 crore, including Rs 42,127 crore on the import of goods and cess of Rs 12,456 crore, according to the finance ministry.

The latest monthly reading took the government's average gross monthly GST collections for the current financial year at Rs 1.66 lakh crore, marking growth of 11 per cent compared with the corresponding period a year ago.

Revenue from domestic transactions, including services imports, also grew 13 per cent on a year-on-year basis in October 2023.

Here's a summary of the monthly GST collections so far in the current financial year, which ends in March 2024:

The government settled Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST, the ministry said.

After regular settlement, the total revenue of Centre and the states in October stood at Rs 72,934 crore for CGST and Rs 74,785 crore for SGST, it added.

Here are the state-wise details of the SGST and SGST portions of IGST settled to states or Union Territories last month: