GST News: Central Government Records Second Highest GST Collection in October
GST News: The last month saw a significant increase in GST collection. After the month of April, the government earned the second-highest GST earnings in history in October. While the GST collection in April was Rs 1.87 lakh crore, the income in October was more than Rs 1.72 lakh crore. GST collection has increased by more than 13% since the previous year.
5.7 Percent Increase in GST Collection
Total GST income increased by 5.7 percent in October, to Rs 1,72,003 crore from Rs 1,62,712 crore in September. The CGST portion of the GST collection is Rs 30,062 crore, the SGST portion is Rs 38,171 crore, the IGST portion is Rs 91,315 crore, and the Cess portion is Rs 12,456 crore. After normal settlement, the total income of the Centre and States in October 2023 is Rs 72,934 crore for CGST and Rs 74,785 crore for SGST. The overall GST income for the month of October is 13% greater than the same month the previous year.
