The government collected Rs 1.72 lakh crore from GST in October

GST collection October: The government has collected Rs 1.72 lakh crore from Goods and Services Tax (GST) in October 2023. This is 13% more than a year ago i.e. October 2022. Then Rs 1.51 lakh crore was collected from GST. A month ago in September, the government collected Rs 1.63 lakh crore from GST.

Till now the highest GST collection was in April 2023, when this figure had crossed Rs 1.87 lakh crore. Apart from this, the country’s GST collection has remained above Rs 1.4 lakh crore for 20 consecutive months. This is the 8th consecutive time that the revenue collection has been above Rs 1.5 lakh crore.

What the Finance Ministry said

The Finance Ministry said, ‘GST collection in October 2023 has been Rs 1,72,003 crore. Of this, CGST was Rs 30,062 crore, SGST was Rs 38,171 crore, IGST was Rs 91,315 crore (including Rs 42,127 crore collected on import of goods) and cess was Rs 12,456 crore. Cess includes Rs 1294 crore received from the import of goods.

GST collection for FY24

In the financial year 2023-24 i.e. in the last 7 months, a total GST collection of Rs 11.65 lakh crore has been done so far. If we talk about the entire financial year 2022-23, the total GST collection was Rs 18.10 lakh crore.

When GST was implemented?

GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.

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