GST collection for October 2023 is Rs.1,72,003 crore, rising from Rs.1,62,712 crore last month. The GST collections for August 2023 were lower at Rs.1,59,069. Whereas the October 2023 GST collections have jumped to Rs.1,72,003 crore. Accordingly, this month’s collections are the second highest ever, next to April 2023! Read on to know more.
Break up of GST Collections for October 2023
The GST collections consist of Rs.30,062 crore collected towards CGST, Rs.38,171 crore towards SGST, and Rs.91,315 crore towards IGST. IGST includes Rs.42,127 crore worth of GST on goods imported.
The recently released PIB report further states that the cess collections accounted for Rs.12,456 crore, including Rs.1,294 crore collected towards goods imported.
The government report indicates that the Centre settled Rs.42,873 crore and Rs.36,614 crore in October 2023 towards CGST and SGST, respectively, out of the Integrated GST collections.
The remaining revenue of the Centre and states after making regular settlements in October 2023 works out to Rs.72,934 crore for Central GST and Rs.74,785 crore for State GST.
For October 2023, the GST collections have boomed compared to the previous month. Monthly collections for October 2023 have garnered the country's attention, crossing the Rs.1.7 lakh crore mark for the second time this year after April 2023.
The domestic revenue (including service import) was 13% Y-o-Y basis. Moreover, the GST revenues for October 2023 are 13% higher than the monthly GST collections of October 2022 on a Year-on-Year (Y-o-Y) basis. The GST collection for October 2022 was Rs.1,51,718 crore.
There has been an unstable rise in GST collections since April 2023. Until now, May 2023 has recorded the lowest GST collections in FY 2023-24 at Rs.1,57,090. The higher collections for October 2023 can be credited to the rise in consumption patterns amidst the festive season of Dussehra. Furthermore, the increase in GST settlement on account of the issue of GST demand notices for the past financial years has also contributed to the spike in numbers.
The H1 of FY’24, ending 30th September 2023, saw collections of Rs.9,92,508 crore. It was 11% more than the gross GST collections in H1 of FY’23 of Rs.8,93,334 crore last year.
The average gross monthly GST collections in the FY 2023-24 works out to Rs.1.66 lakh crore and is 11% higher than the collections in the same month of the previous year.
The chart given below shows the YoY comparison of the monthly GST collection in India for FY 2023-24.
Image credit- PIB
GST Collection for October 2023 State-wise
The PIB has not released the state-wise GST collections for October 2023.
Yearly Comparison of State-wise SGST settled before and after the Settlement
Below is the state-wise overview of the pre-settlement and post-settlement State GST figures-
State/UT | Pre-Settlement SGST | Post-Settlement SGST | ||||
2022-23 | 2023-24 | Growth | 2022-23 | 2023-24 | Growth | |
Jammu and Kashmir | 1,318 | 1,762 | 34% | 4,299 | 4,817 | 12% |
Himachal Pradesh | 1,341 | 1,546 | 15% | 3,368 | 3,302 | -2% |
Punjab | 4,457 | 4,903 | 10% | 11,378 | 13,115 | 15% |
Chandigarh | 351 | 389 | 11% | 1,227 | 1,342 | 9% |
Uttarakhand | 2,805 | 3,139 | 12% | 4,513 | 4,890 | 8% |
Haryana | 10,657 | 11,637 | 9% | 18,291 | 20,358 | 11% |
Delhi | 8,000 | 9,064 | 13% | 16,796 | 18,598 | 11% |
Rajasthan | 8,832 | 9,859 | 12% | 19,922 | 22,571 | 13% |
Uttar Pradesh | 15,848 | 18,880 | 19% | 38,731 | 42,482 | 10% |
Bihar | 4,110 | 4,731 | 15% | 13,768 | 15,173 | 10% |
Sikkim | 179 | 297 | 66% | 489 | 629 | 29% |
Arunachal Pradesh | 282 | 378 | 34% | 932 | 1,155 | 24% |
Nagaland | 125 | 177 | 42% | 564 | 619 | 10% |
Manipur | 166 | 210 | 27% | 812 | 659 | -19% |
Mizoram | 105 | 168 | 60% | 488 | 573 | 18% |
Tripura | 242 | 299 | 23% | 847 | 928 | 9% |
Meghalaya | 265 | 353 | 33% | 841 | 988 | 17% |
Assam | 2,987 | 3,428 | 15% | 7,237 | 8,470 | 17% |
West Bengal | 12,682 | 13,799 | 9% | 22,998 | 24,607 | 7% |
Jharkhand | 4,329 | 5,152 | 19% | 6,466 | 7,128 | 10% |
Odisha | 8,265 | 9,374 | 13% | 11,031 | 12,723 | 15% |
Chhattisgarh | 4,285 | 4,773 | 11% | 6,421 | 7,656 | 19% |
Madhya Pradesh | 6,062 | 7,384 | 22% | 15,418 | 18,100 | 17% |
Gujarat | 21,644 | 24,005 | 11% | 32,943 | 36,322 | 10% |
Dadra and Nagar Haveli and Daman and Diu | 381 | 372 | -3% | 709 | 606 | -15% |
Maharashtra | 48,870 | 58,057 | 19% | 74,612 | 84,712 | 14% |
Karnataka | 20,165 | 23,400 | 16% | 37,924 | 42,657 | 12% |
Goa | 1,111 | 1,307 | 18% | 2,024 | 2,299 | 14% |
Lakshadweep | 6 | 16 | 162% | 18 | 66 | 259% |
Kerala | 7,016 | 8,082 | 15% | 17,450 | 18,370 | 5% |
Tamil Nadu | 20,836 | 23,661 | 14% | 34,334 | 37,476 | 9% |
Puducherry | 271 | 288 | 6% | 695 | 833 | 20% |
Andaman and Nicobar Islands | 112 | 125 | 12% | 287 | 311 | 8% |
Telangana | 9,538 | 11,377 | 19% | 21,301 | 23,478 | 10% |
Andhra Pradesh | 7,347 | 8,128 | 11% | 16,441 | 18,488 | 12% |
Ladakh | 81 | 121 | 49% | 311 | 377 | 21% |
Other Territory | 97 | 140 | 44% | 281 | 685 | 144% |
Grand Total | 2,35,167 | 2,70,777 | 15% | 4,46,167 | 4,97,562 | 12% |
The GST Collections October 2023 was released by the Ministry of Finance in a press report on the PIB website on 1st November 2023.