October gross GST collections climb to Rs 1.72 lakh crore

The government’s Goods and Services Tax (GST) collections climbed 13 percent year-on-year in October to Rs 1.72 lakh crore, second-highest revenue collection ever, the Ministry of Finance said on November 1.

“GST revenue collection for October 2023 is second highest ever, next only to April 2023. Revenue from domestic transactions (including import of services) is 13 percent higher year-on-year. Average gross monthly GST collection in FY 2023-24 now stands at Rs 1.66 lakh crore, which is 11 percent higher year-on-year,” the finance ministry said in a statement.

At Rs 1.72 lakh crore, the October GST collections is 5.71 percent higher than what was collected in September.

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