GST collections at Rs 1.72 lakh cr in Oct, second highest-ever

GST collections in October stood at Rs 1.72 lakh crore, the second highest-ever, the finance ministry said on Wednesday. The collections are 13 per cent higher than the Rs 1.52 lakh crore collected in October 2022."GST revenue collection for October 2023 is second highest ever, next only to April 2023, at Rs 1.72 lakh crore; records increase of 13 per cent Y-o-Y," the ministry said in a statement.The surge in GST revenue is not limited to domestic transactions. Revenue from domestic transactions, including the import of services, also saw a significant rise, increasing by 13 per cent compared to the same period last year.

GST revenue collection for October 2023 is second highest ever, next only to April 2023, at ₹1.72 lakh crore; records increase of 13% Y-o-Y

Revenue from domestic transactions (including import of services) is also 13% higher Y-o-Y

Average gross monthly #GST collection in FY… pic.twitter.com/8SRs9RZXPa

— Ministry of Finance (@FinMinIndia) November 1, 2023

The robust GST collection is part of a broader trend of increased revenue for the fiscal year 2023-24. The average gross monthly GST collection now stands at Rs 1.66 lakh crore, marking an 11 per cent increase year-on-year.