Home Business GST collection in September hit 10% YoY Rs 1.63 lakh crore

GST collection in September hit 10% YoY Rs 1.63 lakh crore

GST collection in September hit 10% YoY Rs 1.63 lakh crore

This month had the biggest GST collection in history. According to the Ministry of Finance, the gross goods and services tax collected for August increased 10% to close to Rs 1.63 lakh crore in September.

An 11% increase over the Rs 8,93,334 crore reported a year ago, the gross GST collection for the first half of FY 2023–24 ended in September 2023 was Rs 9,92,508 crore.

According to a statement from the finance ministry, “The revenues for the month of September 2023 are 10 per cent higher than the Goods and Services Tax revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year. It is for the fourth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24.”

In comparison to FY 2022–23, which had an average monthly gross collection of Rs. 1.49 lakh crore, the average monthly gross collection in FY 2023–24 was Rs. 1.65 lakh crore, or 11% more.

The total GST revenue collected in September 2023 was Rs 1,62,712 crore. The IGST is Rs 83,623 crore (including Rs 41,145 crore collected on import of goods), the CGST is Rs 29,818 crore, the SGST is Rs 37,657 crore, the cess is Rs 11,613 crore (including Rs 881 crore collected on import of goods).

According to Abhishek Jain, partner at KPMG and head of indirect tax, some of the improved collections may possibly be the result of firms resolving problems with tax payment for the FY17–18 period because the typical statute of limitations expires on September 30, 2023. “While Rs 1.6 lakh crore plus seems to be the new normal, this could see a further uptick with the festive season around the corner.” With transactions in March 2023, the highest-ever collection of Rs 1.87 lakh crore was made in April, helped along by the payment of taxes for the fiscal year. In comparison to September of last year, domestic sales revenue—which includes the import of services— were 14% higher.

A look at GST Collections:

Total GST revenue: Rs 1,62,712 crore.

  • 29,818 crores in central GST
  • 37,657 crores in state GST
  • The total amount of integrated GST is Rs 83,623 crore, including Rs 41,145 crore collected from the import of goods.
  • 11,613 crores in total in terms of cess, including the 881 crores from the import of goods.

State wise Statistics:

Maharashtra ranked first in terms of volume, with a 17% annual growth rate to Rs 25,137 crore. Karnataka collected Rs 11,693 crore (20% YoY growth), progressively moving up to the position of second-highest Goods and Services Tax collector. Third-placed is Tamil Nadu which totaled Rs 10,481 crore (21% growth), narrowly surpassed Gujarat’s earnings of Rs 10,129 crore (12% rise),

The highest annual growth was seen in Ladakh and Manipur, despite starting from a low point. Telangana’s annual revenue increased significantly by 33%, to Rs 5,226 crore, as reported by BQ Prime.

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