GST collection rises 10% to 1.62 lakh crore in September, crosses 1.60 lakh mark for the fourth time this fiscal

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₹1,62,712 crore. As per Ministry of Finance, this is the fourth time in the fiscal year 2023-24 that the GST collection have crossed ₹1.60 lakh crore mark indicating strong economic activity. The GST collection for the month of September 2023 are 10% higher than the GST collection in the same month last year.

As per the Ministry of Finance, during the month of September 2023 CGST is ₹29,818 crore, SGST is ₹37,657 crore, IGST is ₹83,623 crore (including ₹41,145 crore collected on import of goods) and cess is ₹11,613 crore (including ₹881 crore collected on import of goods). Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! The government has settled ₹33,736 crore to CGST and ₹27,578 crore to SGST from IGST.

The total revenue of Centre and the States in the month of September 2023 after regular settlement is ₹63,555 crore for CGST and ₹65,235 crore for the SGST. During the month, the revenues from domestic transactions (including import of services) are 14% higher than the revenues from these sources during the same month last year. As per the Ministry of Finance, Union Territory of Ladakh has the highest growth rate of GST collection at 81% followed by Manipur with 47% growth rate and on number 3 was Telangana with 33% growth rate.