GST collection jumps 13% yoy to ₹1.72 lakh cr in October

GST collections in October 2023 jumped 13% YoY to touch its second-highest-ever collection of ₹1,72,003cr, according to the official data released on Wednesday.

The highest monthly GST mop-ups were recorded in April 2023 at ₹1,87,035cr.

The average gross monthly GST collection in the FY 2023-24 now stands at ₹1.66 lakh cr and is 11% more than that in the same period in the previous financial year, the finance ministry said in a statement.

M S Mani, partner at Deloitte India, said, “The remarkable growth in GST collections over the past few months is not only on account of the underlying strong economic factors, but also due to the efforts of the tax authorities in deploying tools to compare data sets to determine short payment and evasion.”