GST collections rise at Rs 1.63 lakh crore in September, up 10.2% YoY

The Centre expects its GST collections to rise by 12 percent in 2023-24.

The government's Goods and Services Tax (GST) collections climbed 10.2 percent year-on-year in September to Rs 1.63 lakh crore, the Ministry of Finance said on October 1.

At Rs 1.63 lakh crore, the September GST collections is 2.3 percent higher than what was collected in August.

This is the seventh month in a row that the monthly GST collection has come in above the Rs 1.5-lakh-crore mark.

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The latest GST data takes the average monthly collection in 2023-24 to Rs 1.65 lakh crore.

Monthly GST collections have risen over the years. From averaging under Rs 1 lakh crore per month in 2017-18 - its first year - collections rose rapidly after the pandemic-hit 20202-21 to average Rs 1.51 lakh crore in 2022-23.

While the finance ministry noted that the average monthly gross GST collection in the first six months of 2023-24 is 11 percent higher than in the first half of 2022-23, the average monthly mop-up so far this year is only 9 percent higher than the average monthly collections for the whole of 2022-23.

As per the 2023-24 Budget, the Centre expects its GST collections to rise by 12 percent in the current financial year.

In September, Central GST was Rs 29,818 crore, State GST was Rs 37,657 crore, Integrated GST was Rs 83,623 crore, and compensation cess was Rs 11,613 crore.

In September, the government settled Rs 33,736 crore to Central GST and Rs 27,578 crore to State GST from Integrated GST. As a result, the total revenue for the month post settlement was Rs 63,555 crore for the Centre and Rs 65,235 crore for State GST.

Source: Ministry of Finance

"During the month, the revenues from domestic transactions (including import of services) are 14 percent higher than the revenues from these sources during the same month last year," the finance ministry said in a statement.