GST collection in Sept zooms to Rs 1.63 lakh crore

By in National News, News

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.
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.

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