The latest data on Goods and Services Tax (GST) revenue collection for September 2023 brings some positive news for India’s fiscal landscape. With a gross GST revenue of ₹1,62,712 crore for the month, this achievement marks the fourth time in the fiscal year 2023-24 that collections have exceeded ₹1.60 lakh crore.
Breaking down the numbers, the composition of this substantial collection is as follows:
- Central Goods and Services Tax (CGST): ₹29,818 crore
- State Goods and Services Tax (SGST): ₹37,657 crore
- Integrated Goods and Services Tax (IGST): ₹83,623 crore (including ₹41,145 crore from import of goods)
- Cess: ₹11,613 crore (including ₹881 crore from import of goods)
Furthermore, the government’s distribution mechanism has settled ₹33,736 crore to CGST and ₹27,578 crore to SGST from IGST. This results in a total revenue of ₹63,555 crore for CGST and ₹65,235 crore for SGST after the regular settlement process.
One of the most striking aspects of these figures is the substantial growth in GST revenues. In September 2023, GST collections were 10% higher compared to the same month in the previous year. This growth becomes even more impressive when we focus on domestic transactions, including the import of services, which saw revenues increase by 14% compared to September of the previous year.
The upward trajectory in GST collections also shines when we look at the first half of fiscal year 2023-24, ending in September 2023. The gross GST collection for this period stands at ₹9,92,508 crore, marking an 11% increase compared to the same period in the previous fiscal year (FY 2022-23), when collections were ₹8,93,334 crore.
This consistent growth reflects an average monthly gross collection of ₹1.65 lakh crore for FY 2023-24, which is notably higher (11%) than the average monthly gross collection for the first half of FY 2022-23 when it stood at ₹1.49 lakh crore.