The Gross GST collection rose by 10 per cent to over Rs 1.62 lakh crore in September.
GST In September: The Finance Ministry on Sunday issued a statement on Gross Goods and Services Tax (GST) collection in September. According to the data shared by the ministry, the Gross GST collection rose by 10 per cent to over Rs 1.62 lakh crore in September, crossing the Rs 1.6 lakh crore mark for the fourth time during the current financial year. “During the month, 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 gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24,” it said.
Revenue In September 2023 10 Per Cent Higher Than September Last Year
The Gross GST revenue collected in September was Rs 1,62,712 crore including Central GST which was Rs 29,818 crore, State GST was Rs 37,657 crore, Integrated GST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods), and cess was Rs 11,613 crore (including Rs 881 crore collected on import of goods). The revenue in September 2023 was 10 per cent higher than the GST revenue of Rs 1.47 lakh crore in the same month last year, said the finance ministry in the statement.
In August, the government collected GST of Rs 1.59 lakh crore and in July, the GST collected was Rs 1.65 lakh crore.
CGST At Rs 29,818 Crore
The Finance Ministry said, “GST revenue in August 2023 stood at Rs 1,62,712 crore. Of this, CGST was Rs 29,818 crore, SGST was Rs 37,657 crore, IGST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess was Rs 11,613 crore. Cess includes Rs 881 crore received from the import of goods.
GST Collection Of Rs 8.3 Lakh Crore In Last Five Months
In the financial year 2023-24. i.e., in the last five months, a total GST collection of Rs 9.93 lakh crore has been achieved so far. If we talk about the entire financial year 2022-23, the total GST collection was Rs 18.10 lakh crore.
Maharashtra Tops In GST Collection
Maharashtra tops in terms of GST collection in September 2023. GST collection in Maharashtra increased by 17% to Rs 25,137 crore compared to last year. Karnataka is at second place with a collection of Rs 11,693 crore and Tamil Nadu is at third place with a collection of Rs 10481 crore.
GST is an indirect tax that was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty, and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
(With agency inputs)