October Sees GST Collection Soar by 13% to Reach Rs 1.72 Lakh Crore, the Second Highest on Record
In October 2023, the Indian government collected Rs 1.72 lakh crore in Goods and Services Tax (GST), marking the second-highest collection ever. This amount was 13% higher than the previous year.
October Sees GST Collection Soar by 13% to Reach Rs 1.72 Lakh Crore, the Second Highest on Record
In October 2023, the Indian government collected Rs 1.72 lakh crore in Goods and Services Tax (GST), marking the second-highest collection ever. This amount was 13% higher than the previous year.
For the 2023-24 fiscal year, the average monthly GST collection stands at Rs 1.66 lakh crore, representing an 11% increase compared to the previous fiscal year.
The breakdown of the October 2023 GST revenue includes Rs 30,062 crore for Central GST (CGST), Rs 38,171 crore for State GST (SGST), Rs 91,315 crore (including Rs 42,127 crore from the import of goods) for Integrated GST (IGST), and Rs 12,456 crore (including Rs 1,294 crore from the import of goods) for cess.
Compared to the same month in the previous year, the October 2023 GST revenue was 13% higher. The revenue from domestic transactions, including the import of services, also increased by 13% compared to the same period in the previous year. The average monthly GST collection for the 2023-24 fiscal year has shown an 11% increase over the previous fiscal year.
In October 2023, the government transferred Rs 42,873 crore to CGST and Rs 36,614 crore to SGST from IGST. After the regular settlement, the total revenue for the Central and State governments was Rs 72,934 crore for CGST and Rs 74,785 crore for SGST.
Also Read: Statutory & Compliance Calendar For November 2023
FILING YOUR INCOME TAX RETURN F.Y 2022-23 (A.Y. 2023-2024) WITH MYITRONLINE
Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)
If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting
Upload Salary Individual Form-16
If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886.
Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com
Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
Leave a reply
Your email address will not be published. Required fields are marked *Share this article
News Offers
Related Post
