Collection reached Rs 1.72 lakh crore, Government’s huge earnings from GST in October


October GST collection: It has been told by the Finance Ministry that the GST collection for October has been Rs 1.72 lakh crore, which is the largest collection in the history of GST.

GST i.e. Goods and Services Tax collection increased by 13 percent on an annual basis in October to Rs 1.72 lakh crore. Out of the GST collection of Rs 1.72 lakh crore for October 2023, CGST has been Rs 30,062 crore and SGST has been Rs 38,171 crore. Whereas, IGST collection has been Rs 91,315 crore. Of the IGST, Rs 42,873 crore has been given to CGST and Rs 36,614 crore has been given to SGST.

This is the second-highest GST collection figure to date. The highest figure of GST collection was seen in April 2023 which was Rs 1.87 lakh crore.GST collection in September 2023 was Rs 1.63 lakh crore. Let us tell you, there is an increase in GST collection month after month.

Average GST collection crosses Rs 1.66 lakh crore

Information was given by the Finance Ministry that in the financial year 2023-24, there has been an increase of 11 per cent in GST collection on an annual basis. It stands at Rs 1.66 lakh crore.

GST collection figures in the financial year 2023-24

Fiscal deficit figures were released by the government yesterday. The country’s fiscal deficit in the first half of the financial year has been Rs 7.02 lakh crore. This is 39.3 per cent of the target for the entire financial year. The fiscal deficit target for the financial year 2023-24 has been set by the government at Rs 17.87 lakh crore. Let us tell you, that the fiscal deficit for April-September 2022 was 37.3 percent of the budget for the financial year 2022-23. Talking about April-September 2023, the total receipts of the government have increased by 17.7 per cent and corporate tax collection has increased by 20.2 per cent. At the same time, income tax has registered a jump of 31.1 per cent on an annual basis.

  1. April-1,87,035 lakh crore
  2. May – Rs 1,57,090 lakh crore
  3. June– Rs 1,61,497 lakh crore
  4. July– Rs 1,65,105 lakh crore
  5. August– 1,59,069 lakh crores
  6. September – Rs 1,62,712 lakh crore
  7. October – 1,72,003 lakh crore

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