October GST collection surges 13% to ₹1.72 lakh cr; 2nd highest ever
The gross GST revenue collected in the month of October 2023 rose to ₹1,72,003 crore, the second highest ever after ₹1.87 lakh crore collection in April 2023, the data shared by the Ministry of Finance shows. The gross GST revenue for October 2023 was 13% higher than that in the same month last year.
Of the total GST revenue collection, ₹30,062 crore is CGST, ₹38,171 crore was SGST, ₹91,315 crore (including ₹42,127 crore collected on import of goods) is IGST and ₹12,456 crore (including ₹1,294 crore collected on import of goods) is cess, the ministry says.
The FinMin data shows the GST revenue collection has remained at more than ₹1,50,000 crore throughout the fiscal year. In September 2023, the GST collection was ₹1,62,712 crore; ₹1,59,069 crore in August; ₹1,65,105 crore in July; ₹1,61,497 crore in June; ₹157,090 crore in May; and ₹1,87,035 crore in April.
The government has also settled ₹42,873 crore to CGST and ₹36,614 crore to SGST from IGST in October 2023. After the regular settlement, the total revenue of the Centre and the states in October 2023 stands at ₹72,934 crore for CGST and ₹74,785 crore for SGST.
During the month, the revenue from domestic transactions, including the import of services, was also 13% higher than the revenues from these sources in the year-ago period. Considering the October numbers, the average gross monthly GST collection in FY24 now stands at ₹1.66 lakh crore, which is 11% more than the same period last year.
The post-settlement SGST data shared by the ministry shows Maharashtra seeing a 14% increase in the GST revenue till October 2023 vs the same period last year. Gujarat and UP recorded 10% growth each. Delhi, Tamil Nadu and West Bengal saw 11%, 9% and 7% in the GST revenue till October 2023, the data shows.
Besides, since its introduction in 2017-18, GST has been hit by tax evasion by traders and businessmen across the country. The Finance Ministry data shows a total of ₹2,68,537 crore worth of evasion of GST has been found between 2020-21 and 2022-23 (up to May). Out of ₹2.69 lakh crore, only ₹76,333 crore has been recovered with the arrest of 1,020 persons, according to the data released by the ministry.
Notably, the finance ministry had earlier notified October 1 as the date for implementation of the amended GST law provisions for taxing e-gaming, casinos and horse racing. In August, the Parliament passed the Central Goods and Services Tax (Amendment) Bill, 2023, incorporating the definition of ‘online money gaming’ making the activity a specified ‘actionable claim’ liable to tax and also bringing into the fold virtual digital assets – cryptocurrency – under the ambit of the law so that crypto transactions are not used as tax evasion tools.