GST collection soars 10% to Rs 1.62 lakh crore in September

The Ministry of Finance has released the latest numbers for GST revenue collection for the month of September 2023. As per the report, gross GST collection surged 10% 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. 

Gross GST revenue collected in the month of September, 2023 is Rs 1,62,712 crore out of which 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 cess is Rs 11,613 crore (including Rs 881 crore collected on import of goods).

Further, the government has settled Rs 33,736 crore to CGST and Rs 27,578 crore to SGST from IGST. The total revenue of Centre and the States in the month of September, 2023 after regular settlement is Rs 63,555 crore for CGST and Rs 65,235 crore for the SGST, the government stated in the report.

“The revenues for the month of September, 2023 are 10% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 14% higher than the revenues from these sources during the same month last year”, said Ministry of Finance.