India records robust GST collections of ₹1.62 lakh crore in Sept 2023
In September 2023, India’s gross Goods and Services Tax (GST) revenue soared to ₹1,62,712 crore, marking a remarkable 10% year-on-year growth. This achievement signifies the fourth instance in the fiscal year 2023-24 that GST collections have exceeded the ₹1.60 lakh crore threshold.
This impressive performance in September was fueled by a breakdown of collections as follows: Central GST (CGST) accounted for ₹29,818 crore, State GST (SGST) stood at ₹37,657 crore, Integrated GST (IGST), which includes ₹41,145 crore from imports, reached ₹83,623 crore, and cess collected amounted to ₹11,613 crore, with ₹881 crore sourced from imports.
In terms of distribution, the government distributed ₹33,736 crore to CGST and ₹27,578 crore to SGST from IGST. Consequently, after the standard settlement process, the total revenue for the Centre and states in September 2023 amounted to ₹63,555 crore for CGST and ₹65,235 crore for SGST.
This remarkable performance in September 2023 reflects a 10% increase compared to GST revenues in the same month of the previous year. Specifically, domestic transactions, including imported services, contributed to a 14% surge in revenues compared to September of the previous year.
For the first half of fiscal year 2023-24, ending in September 2023, the total gross GST collection reached ₹9,92,508 crore, marking an impressive 11% year-on-year increase compared to the same period in the previous fiscal year, which recorded ₹8,93,334 crore. This robust performance has led to an average monthly gross GST collection of ₹1.65 lakh crore in fiscal year 2023-24, an 11% increase over the monthly average of ₹1.49 lakh crore recorded in the first half of fiscal year 2022-23.
The data also reveals notable variations in GST revenues across states and union territories in September 2023. States such as Jammu and Kashmir, Rajasthan, Telangana, and Tamil Nadu witnessed substantial growth in their GST revenues, ranging from 10% to 33%. In contrast, some regions, including Lakshadweep and Manipur, experienced declines.
In terms of post-settlement SGST revenue from IGST, states like Ladakh, Chhattisgarh, Madhya Pradesh, and Gujarat saw significant increases, while Dadra and Nagar Haveli and Daman & Diu reported a decrease. Overall, the combined SGST and SGST portion of IGST settled to states and union territories marked a 15% growth in April-September 2023 compared to the same period in the previous fiscal year.
This robust performance in GST collections demonstrates the resilience and economic vitality of India’s tax ecosystem, signaling positive economic prospects for the nation.
