{"id":6252,"date":"2023-11-02T21:50:34","date_gmt":"2023-11-02T21:50:34","guid":{"rendered":"https:\/\/connectwithfund.com\/economy\/indias-gst-revenue-for-october-2023-hits-second-highest-record-amidst-global-recession-fears\/"},"modified":"2023-11-02T21:50:35","modified_gmt":"2023-11-02T21:50:35","slug":"indias-gst-revenue-for-october-2023-hits-second-highest-record-amidst-global-recession-fears","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=6252","title":{"rendered":"India’s GST revenue for October 2023 hits second-highest record amidst global recession fears"},"content":{"rendered":"
\n

India’s gross Goods and Services Tax (GST) revenue for October 2023 soared to its second-highest-ever figure of \u20b91.72 lakh crore ($22.9 billion), marking a 13% year-over-year increase. This robust growth comes despite looming global recession fears and geopolitical conflicts.<\/p>\n

The Central government’s GST revenue collection included \u20b930,062 crore ($4 billion) as Central GST (CGST), \u20b938,171 crore ($5.1 billion) as State GST (SGST), and \u20b991,315 crore ($12.2 billion) as Integrated GST (IGST). The IGST amount includes \u20b942,127 crore ($5.6 billion) collected on import of goods. The government also collected \u20b912,456 crore ($1.7 billion) as cess.<\/p>\n

A significant portion of the IGST was settled to both CGST and SGST, with \u20b942,873 crore ($5.7 billion) going to CGST and \u20b936,614 crore ($4.9 billion) to SGST. Post-settlements, October’s total revenue was \u20b972,934 crore ($9.8 billion) for CGST and \u20b974,785 crore ($10 billion) for SGST.<\/p>\n

The record GST collection was in April at \u20b91.87 lakh crore ($25 billion). Meanwhile, the average gross monthly GST collection for the fiscal year 2023-24 now stands at \u20b91.66 lakh crore ($22.2 billion), up by 11% from the previous financial year.<\/p>\n

September also witnessed strong performance with a monthly collection of \u20b91.62 trillion ($21.6 billion), marking a 10% annual growth from the previous year. This growth has been attributed to improved administrative efficiency and a structural shift in the economy.<\/p>\n

Regionally, Gujarat observed an 11% increase in GST collection from April to October, reaching \u20b936,322 crore ($4.9 billion) due to improved tax compliance. The total tax collection in October alone stood at \u20b99,730 crore ($1.3 billion).<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

India’s gross Goods and Services Tax (GST) revenue for October 2023 soared to its second-highest-ever figure of \u20b91.72 lakh crore ($22.9 billion), marking a 13% year-over-year increase. This robust growth comes despite looming global recession fears and geopolitical conflicts. The Central government’s GST revenue collection included \u20b930,062 crore ($4 billion) as Central GST (CGST), \u20b938,171 crore ($5.1 billion) as State GST (SGST), and \u20b991,315 crore ($12.2 billion) as Integrated GST (IGST). The IGST amount includes \u20b942,127 crore ($5.6 billion) collected on import of goods. The government also collected \u20b912,456 crore ($1.7 billion) as cess. A significant portion of the IGST<\/p>\n","protected":false},"author":1,"featured_media":6253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-6252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nIndia's GST revenue for October 2023 hits second-highest record amidst global recession fears | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"India's gross Goods and Services Tax (GST) revenue for October 2023 soared to its second-highest-ever figure of \u20b91.72 lakh crore ($22.9 billion), marking\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/connectwithfund.com\/?p=6252\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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