India’s GST Revenue for October 2023 Achieves Second-Highest Record Amid Global Recession Fears

India’s gross Goods and Services Tax (GST) revenue for October 2023 reached an impressive ₹1.72 lakh crore ($22.9 billion), marking the second-highest monthly collection in history with a 13% growth compared to the same period last year. This increase is notable given the ongoing global recession concerns and geopolitical tensions.

The Central government’s GST revenue comprised ₹30,062 crore ($4 billion) from Central GST (CGST), ₹38,171 crore ($5.1 billion) from State GST (SGST), and ₹91,315 crore ($12.2 billion) from Integrated GST (IGST). Of the IGST total, ₹42,127 crore ($5.6 billion) was collected from the importation of goods, and the government also received ₹12,456 crore ($1.7 billion) in cess.

A substantial portion of the IGST was distributed between CGST and SGST, with ₹42,873 crore ($5.7 billion) allocated to CGST and ₹36,614 crore ($4.9 billion) to SGST. After these settlements, the total revenue for October stands at ₹72,934 crore ($9.8 billion) for CGST and ₹74,785 crore ($10 billion) for SGST.

The highest GST collection recorded occurred in April, totaling ₹1.87 lakh crore ($25 billion). Currently, the average gross monthly GST collection for the fiscal year 2023-24 is ₹1.66 lakh crore ($22.2 billion), which is an 11% increase from the previous fiscal year.

September’s performance also showed strong results, with a monthly collection of ₹1.62 trillion ($21.6 billion), reflecting a 10% year-over-year growth. This positive trend has been attributed to enhanced administrative efficiency and a structural transformation in the economy.

Regionally, Gujarat experienced an 11% rise in GST collections from April to October, achieving ₹36,322 crore ($4.9 billion) due to improved tax compliance, with total tax collection in October reaching ₹9,730 crore ($1.3 billion).

This article was generated with the support of AI and reviewed by an editor.