Gross GST collections in September 2023 stood at Rs 1,62,712 crore, which is 10 percent higher compared to last year, according to the latest official data released on Sunday. This is the fourth time that gross GST collection has crossed the Rs 1.60 lakh crore mark in the current financial year 2023-2024.
During the first half of the financial year 2023-24 ending September 2023, gross GST collection stood at Rs 9,92,508 crore, which is 11 per cent higher than the Rs 8,93,334 crore recorded a year ago.
“The revenue for the month of September 2023 is 10 percent higher than the GST revenue in the same month last year. During the month, revenues from domestic transactions (including imports of services) are 14 percent higher than revenues from these sources in the same month last year. This is the fourth time that gross GST collection has crossed the Rs 1.60 lakh crore mark in the financial year 2023-24,” the Finance Ministry said in a statement.
The average monthly gross collection in FY 2023-24 was Rs 1.65 lakh crore, which is 11 percent higher than the average monthly gross collection for the first half of FY 2022-23, where it stood at Rs 1.49 lakh crore .
The gross GST revenue collected in September 2023 was Rs 1,62,712 crore. Of this, CGST is Rs 29,818 crore, SGST is Rs 37,657 crore, IGST is Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and tax is Rs 11,613 crore (including Rs 881 crore collected on import of goods), it said .
Abhishek Jain, Head and Partner of Indirect Tax at KPMG, said: “With the normal limitation period for FY17-18 ending on September 30, some of this increased collection could be related to companies resolving issues with payment of taxes for the said period of time. . While Rs 1.6 lakh crore plus seems like the new normal, this could rise further as the festive season is around the corner.”