GST COLLECTION UP 10% TO RS 1.62 LAKH CRORE

GST collections have crossed the Rs 1.60 lakh crore mark for the fourth time in FY24, highlighting sustained revenue strength and compliance. 

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Goods and Services Tax (GST) collections in India for the month of September 2023 surpassed the significant milestone of Rs 1.6 lakh crore for the fourth time in the current fiscal year, driven by improved compliance. The gross GST revenue collected in September reached Rs 1,62,712 crore.

Compared to the same month in the previous year, GST revenue for September 2023 showed a substantial 10% increase, amounting to Rs 1.47 lakh crore. This is indicative of the strengthening economic activities and compliance measures.

A noteworthy aspect is the 14% growth in revenues from domestic transactions, including the import of services, compared to the same month in the previous year.

The robust GST collection trend continued for the first half (April-September) of the fiscal year 2023-24,

with a total collection of Rs 9,92,508 crore, representing an 11% increase over the corresponding period in the previous year. The average monthly gross collection during this period was Rs 1.65 lakh crore, an 11% growth from the previous year.