GST October Collections: Gross Items and Providers Tax (GST) collections by the federal government rose 13 p.c year-on-year to Rs 1.72 lakh crore in October, based on official information launched on Wednesday. That was the second highest month-to-month assortment, second solely until April 2023, when the determine stood at Rs 1.87 lakh crore.
Of the Rs 1.72 lakh crore, central GST (CGST) stood at Rs 30,062 crore, state GST (SGST) at Rs 38,171 crore, and built-in GST (IGST)– or the oblique tax imposed on the availability of products and companies in two or extra states or UTs – at Rs 91,315 crore, together with Rs 42,127 crore on import of products and switch of Rs 12,456 crore, based on the Finance Ministry.
As per the most recent month-to-month studying, the federal government’s common gross month-to-month GST assortment for the present monetary yr stood at Rs 1.66 lakh crore, registering a development of 11 per cent over the corresponding interval a yr in the past.
Revenues from home transactions, together with imports of companies, additionally rose 13 p.c year-on-year in October 2023.
Here’s a take a look at the month-to-month GST collections to this point within the present monetary yr ending March 2024:
The federal government cleared Rs 42,873 crore of CGST and Rs 36,614 crore of SGST from IGST, the ministry mentioned.
After common settlement, the full revenues of Middle and states stood at Rs 72,934 crore for CGST and Rs 74,785 crore for SGST in October, it added.
Listed here are the state-wise particulars of the SGST and SGST elements of IGST established in states or Union Territories final month: