September 2023 Sees ₹1,62,712 Crore Gross GST Revenue Collection

September 2023 Sees ₹1,62,712 Crore Gross GST Revenue Collection

VoM News Desk | October 1, 2023 | 05:36 PM IST | Breaking News | Follow on Google News

September 2023 Sees ₹1,62,712 Crore Gross GST Revenue Collection

Robust GST Revenue Collection in September

In the month of September 2023, India recorded a substantial gross Goods and Services Tax (GST) revenue collection, amounting to ₹1,62,712 crore. This revenue comprises different components, with Central Goods and Services Tax (CGST) contributing ₹29,818 crore, State Goods and Services Tax (SGST) totaling ₹37,657 crore, Integrated Goods and Services Tax (IGST) amounting to ₹83,623 crore, and a cess component of ₹11,613 crore.

Revenue Allocation and Settlement

As part of the revenue allocation process, the government settled ₹33,736 crore to CGST and ₹27,578 crore to SGST from IGST. After the regular settlement, the total revenue for the Centre and the States in September stood at ₹63,555 crore for CGST and ₹65,235 crore for SGST.

Healthy Growth in GST Revenues

The GST revenues for September 2023 showcased impressive growth, recording a 10 percent increase compared to the GST revenues collected in the same month the previous year. Remarkably, revenues from domestic transactions also demonstrated robust growth, surging by 14 percent compared to the revenues from these sources during the same period in the previous year.

Consistent Performance

Notably, this marks the fourth instance in the fiscal year 2023-24 when the gross GST collection has exceeded the ₹1.60 lakh crore mark, highlighting the consistent and substantial contributions to the nation’s revenue through the GST framework.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.