GST Revenue Rises To Rs 1.63 Lakh Crore In September; H1FY24 Collection At Rs 9.92 Lakh Crore

The gross revenue of goods and services tax (GST) has continued to stay over the Rs 1.6 lakh crore mark for the fourth month in a row during FY24. In September 2023, GST collection stood at Rs 1,62,712 crore, up by 10% year-on-year. For the first half of FY24, the government bagged a GST revenue of Rs 9,92,508 crore, rising by 11% YoY.

Of the total GST revenue collected in September 2023, Rs 29,818 crore was CGST, Rs 37,657 crore in SGST, Rs 83,623 crore in IGST, and the rest of Rs 11,613 crore is cess.

As per Finance Ministry data, the government has settled Rs 33,736 crore to CGST and Rs 27,578 crore to SGST from IGST. The total revenue of the Centre and the States in September 2023 after regular settlement is Rs 63,555 crore for CGST and Rs 65,235 crore for the SGST.

During the month, FinMin said that the revenues were 10% higher than the GST revenues in the same month last year. It added, "The revenues from domestic transactions (including import of services) are 14% higher than the revenues from these sources during the same month last year. It is for the fourth time that the gross GST collection has crossed the Rs 1.60 lakh crore mark in FY 2023-24."

Meanwhile, between April to September 2023, the gross GST collection stood at Rs 9,92,508 crore, 11% higher than the gross GST collection of Rs 8,93,334 crore in the first half of FY 2022-23.

The average monthly gross collection in FY 2023-24 is Rs 1.65 lakh crore, which is 11% higher than the average monthly gross collection for the first half of FY 2022-23 where it was Rs 1.49 lakh crore.

On state-wise performance, in September 2023, GST collection was highest in Maharashtra in value terms to Rs 25,137 crore up by 17% YoY, followed by Karnataka where GST revenue was at Rs 11,693 crore, surging by 20% YoY. Further, the states of Tamil Nadu and Gujarat recorded GST revenue of Rs 10,481 crore and Rs 10,129 crore, up by 21% and 12% year-on-year respectively.

In percentage terms, Ladakh records the highest rise in GST revenue by 81% followed by Manipur with 47% growth, Telangana up 33%, and Jammu and Kashmir witnessing 32% YoY growth.