India’s October 2023 GST revenue rose 13% YoY to ₹1.72 lakh crore, the second-highest ever, driven by strong festive demand.
India’s Goods and Services Tax Collection for October 2023 Reviewed
The Goods and Services Tax (GST) collections for October 2023 reached an impressive ₹1,72,003 crore, showing a notable increase from the ₹1,62,712 crore collected in the preceding month. This figure represents the second-highest monthly collection ever recorded, trailing only April 2023’s numbers.
Breakdown of GST Collections for October 2023
The total GST collection for October 2023 comprised various components:
- Central GST (CGST) accounted for ₹30,062 crore.
- State GST (SGST) contributed ₹38,171 crore.
- Integrated GST (IGST) amounted to ₹91,315 crore, which included ₹42,127 crore from imported goods.
Additionally, cess collections totaled ₹12,456 crore, with ₹1,294 crore originating from imported goods.
The government’s report further detailed settlements made from the Integrated GST collections. In October 2023, ₹42,873 crore was settled towards CGST, and ₹36,614 crore was settled towards SGST. After these regular settlements, the remaining revenue for the Centre was ₹72,934 crore, and for the states, it was ₹74,785 crore.
Analysis of the October 2023 GST Collection Performance
October 2023 witnessed a significant surge in GST collections compared to the prior month, captivating national attention as it surpassed the ₹1.7 lakh crore threshold for the second time this year. Domestic revenue, including service imports, demonstrated a robust 13% year-on-year growth.
Furthermore, October 2023’s GST revenues were 13% higher than the collections recorded in October 2022, which stood at ₹1,51,718 crore.
Throughout FY 2023-24, GST collections have shown fluctuating trends, with May 2023 recording the lowest figure at ₹1,57,090 crore. The higher collections in October 2023 are largely attributed to increased consumption during the festive season, particularly around Dussehra. Moreover, a rise in GST settlements resulting from demand notices issued for previous financial years also contributed to this upward trend.
For the first half of FY24, ending on September 30, 2023, gross GST collections reached ₹9,92,508 crore, an 11% increase over the ₹8,93,334 crore collected in the same period of FY23. The average monthly gross GST collection for FY 2023-24 currently stands at ₹1.66 lakh crore, reflecting an 11% increase compared to the corresponding months of the previous year.
State-wise GST Collection for October 2023
The Press Information Bureau (PIB) has not yet released specific state-wise GST collection data for October 2023.
Annual Comparison of State-wise SGST Before and After Settlement
The following table presents a state-wise overview of State GST (SGST) figures, both before and after settlement, for the financial years 2022-23 and 2023-24, including their respective growth rates.
| State/UT | Pre-Settlement SGST 2022-23 | Pre-Settlement SGST 2023-24 | Growth (Pre-Settlement) | Post-Settlement SGST 2022-23 | Post-Settlement SGST 2023-24 | Growth (Post-Settlement) |
|---|---|---|---|---|---|---|
| Jammu and Kashmir | 1,318 | 1,762 | 34% | 4,299 | 4,817 | 12% |
| Himachal Pradesh | 1,341 | 1,546 | 15% | 3,368 | 3,302 | -2% |
| Punjab | 4,457 | 4,903 | 10% | 11,378 | 13,115 | 15% |
| Chandigarh | 351 | 389 | 11% | 1,227 | 1,342 | 9% |
| Uttarakhand | 2,805 | 3,139 | 12% | 4,513 | 4,890 | 8% |
| Haryana | 10,657 | 11,637 | 9% | 18,291 | 20,358 | 11% |
| Delhi | 8,000 | 9,064 | 13% | 16,796 | 18,598 | 11% |
| Rajasthan | 8,832 | 9,859 | 12% | 19,922 | 22,571 | 13% |
| Uttar Pradesh | 15,848 | 18,880 | 19% | 38,731 | 42,482 | 10% |
| Bihar | 4,110 | 4,731 | 15% | 13,768 | 15,173 | 10% |
| Sikkim | 179 | 297 | 66% | 489 | 629 | 29% |
| Arunachal Pradesh | 282 | 378 | 34% | 932 | 1,155 | 24% |
| Nagaland | 125 | 177 | 42% | 564 | 619 | 10% |
| Manipur | 166 | 210 | 27% | 812 | 659 | -19% |
| Mizoram | 105 | 168 | 60% | 488 | 573 | 18% |
| Tripura | 242 | 299 | 23% | 847 | 928 | 9% |
| Meghalaya | 265 | 353 | 33% | 841 | 988 | 17% |
| Assam | 2,987 | 3,428 | 15% | 7,237 | 8,470 | 17% |
| West Bengal | 12,682 | 13,799 | 9% | 22,998 | 24,607 | 7% |
| Jharkhand | 4,329 | 5,152 | 19% | 6,466 | 7,128 | 10% |
| Odisha | 8,265 | 9,374 | 13% | 11,031 | 12,723 | 15% |
| Chhattisgarh | 4,285 | 4,773 | 11% | 6,421 | 7,656 | 19% |
| Madhya Pradesh | 6,062 | 7,384 | 22% | 15,418 | 18,100 | 17% |
| Gujarat | 21,644 | 24,005 | 11% | 32,943 | 36,322 | 10% |
| Dadra and Nagar Haveli and Daman and Diu | 381 | 372 | -3% | 709 | 606 | -15% |
| Maharashtra | 48,870 | 58,057 | 19% | 74,612 | 84,712 | 14% |
| Karnataka | 20,165 | 23,400 | 16% | 37,924 | 42,657 | 12% |
| Goa | 1,111 | 1,307 | 18% | 2,024 | 2,299 | 14% |
| Lakshadweep | 6 | 16 | 162% | 18 | 66 | 259% |
| Kerala | 7,016 | 8,082 | 15% | 17,450 | 18,370 | 5% |
| Tamil Nadu | 20,836 | 23,661 | 14% | 34,334 | 37,476 | 9% |
| Puducherry | 271 | 288 | 6% | 695 | 833 | 20% |
| Andaman and Nicobar Islands | 112 | 125 | 12% | 287 | 311 | 8% |
| Telangana | 9,538 | 11,377 | 19% | 21,301 | 23,478 | 10% |
| Andhra Pradesh | 7,347 | 8,128 | 11% | 16,441 | 18,488 | 12% |
| Ladakh | 81 | 121 | 49% | 311 | 377 | 21% |
| Other Territory | 97 | 140 | 44% | 281 | 685 | 144% |
| Grand Total | 2,35,167 | 2,70,777 | 15% | 4,46,167 | 4,97,562 | 12% |
The Ministry of Finance published a press report regarding the October 2023 GST Collections on the PIB website on November 1, 2023.
