New Delhi, October 01, 2023 : In a promising development for the Indian economy, the Ministry of Finance has reported a noteworthy 10.2 percent year-on-year increase in Goods and Services Tax (GST) collections for September, reaching a total of Rs 1.63 lakh crore.
The September GST collections of Rs 1.63 lakh crore represent a 2.3 percent uptick compared to the preceding month of August. Notably, this marks the seventh consecutive month that monthly GST collections have exceeded the Rs 1.5-lakh-crore milestone.
This robust performance in GST revenue has propelled the average monthly collection for the fiscal year 2023-24 to Rs 1.65 lakh crore.
Over the years, GST collections have witnessed steady growth. Beginning its journey in 2017-18, the first year of GST implementation, with an average monthly collection of under Rs 1 lakh crore, collections have displayed remarkable growth. After facing the disruptions brought about by the pandemic in 2020-21, the fiscal year 2022-23 witnessed an average monthly collection of Rs 1.51 lakh crore.
The Ministry of Finance has reported that the average monthly gross GST collection during the first six months of the fiscal year 2023-24 is 11 percent higher than the corresponding period in the previous fiscal year, 2022-23. However, it’s worth noting that the average monthly collection in the current fiscal year is only 9 percent higher than the average monthly collections for the entirety of the fiscal year 2022-23.
As per the budget projections for the fiscal year 2023-24, the Central government anticipates a 12 percent increase in GST collections for the current financial year.
Breaking down the GST collections for September, Central GST accounted for Rs 29,818 crore, State GST amounted to Rs 37,657 crore, Integrated GST reached Rs 83,623 crore, and compensation cess stood at Rs 11,613 crore.
During September, the government disbursed Rs 33,736 crore to Central GST and Rs 27,578 crore to State GST from Integrated GST. Consequently, the total revenue for the month, post-settlement, was Rs 63,555 crore for the Central government and Rs 65,235 crore for the State GST.
In a statement, the Ministry of Finance highlighted that revenues from domestic transactions, including the import of services, demonstrated remarkable growth, registering a 14 percent increase compared to the same month in the previous year.
The consistent upward trajectory of GST collections reflects the resilience of the Indian economy and provides a positive outlook for fiscal stability in the country.
