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GST collections in September.
GST assortment in September 2023: It’s for the fourth time that the gross GST assortment has crossed Rs 1.60 lakh crore mark in FY 2023-24
Gross GST collections in September 2023 stood at Rs 1,62,712 crore, which is 10 per cent greater as in comparison with final 12 months, in response to the newest official knowledge launched on Sunday. It’s the fourth time that the gross GST assortment has crossed Rs 1.60 lakh crore mark within the present FY 2023-24.
Through the first half of the FY 2023-24 ended September 2023, the gross GST assortment stood at Rs 9,92,508 crore, which is 11 per cent greater than the Rs 8,93,334 crore recorded a 12 months in the past.
“The revenues for the month of September 2023 are 10 per cent greater than the GST revenues in the identical month final 12 months. Through the month, the revenues from home transactions (together with import of providers) are 14 per cent greater than the revenues from these sources throughout the identical month final 12 months. It’s for the fourth time that the gross GST assortment has crossed Rs 1.60 lakh crore mark in FY 2023-24,” the finance ministry mentioned in an announcement.
The typical month-to-month gross assortment in FY 2023-24 stood at Rs 1.65 lakh crore, which is 11 per cent greater than the typical month-to-month gross assortment for the primary half of FY 2022-23 the place it was Rs 1.49 lakh crore.
The gross GST income collected in September 2023 was Rs 1,62,712 crore. Out of this, CGST is Rs 29,818 crore, SGST is Rs 37,657 crore, IGST is Rs 83,623 crore (together with Rs 41,145 crore collected on import of products) and cess is Rs 11,613 crore (together with Rs 881 crore collected on import of products), it mentioned.
Abhishek Jain, Oblique Tax Head and Associate, KPMG, mentioned, “With the traditional interval of limitation for FY17-18 ending on September 30, a few of this elevated assortment could possibly be linked to companies having settled points with cost of taxes for the mentioned interval. Whereas 1.6 lakh crore plus appears to be the brand new regular, this might see an extra uptick with the festive season across the nook.”
