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

Ministry of Finance on Wednesday revealed that the Goods and Service Tax (GST) collection for October increased by 13% Y-O-Y to Rs 1.72 lakh crore.

GST Collection

October's collection is the second highest ever after April 2023 which stood at Rs 1.87 lakh crore. In September the collection was at Rs 1.63 lakh crore. Meanwhile, the average gross monthly GST collection for the fiscal year 2023-24 stands at Rs 1.66 lakh crore.

"The average gross monthly GST collection for the fiscal year 2023-24 now stands at Rs 1.66 lakh crore which is 11 per cent higher Y-o-Y," said the statement of the Finance Ministry

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Out of the Rs 1.72 lakh crore, the Central Goods and Services Tax (CGST) component was Rs 30,062 crore, State Goods and Services Tax (SGST) was Rs 38,171 crore and Integrated Goods and Services Tax was Rs 91,315 crore.

Economic Times quoted Parag Mehta, Partner, Indirect Tax, N.A. Shah Associates who said that the increase in the GST collection is due to numerous notices, anti-evasion drive and DGST investigations.

"Spate of notices, anti-evasion drive, DGST investigations have led to substantial collections. Further, the period from September to December is a festive period where consumer spending is substantial on high-value items like real estate, vehicles, gold and travel," Parag Mehta told Economic Times.