GST revenue for October 2023 was up 13% this year at Rs 1.72 lakh crore compared to the same month last year. This is the second highest collection after April 2023.
This is the second highest ever collection after April 2023 when GST revenue was ₹1.85 lakh crore.
The increase in GST revenue reflects the pace of the economy, taxpayers' efforts in curbing evasion and festive season demand.
The average gross monthly GST collection for FY 2023-24 is now ₹1.66 lakh crore,
This is 11% higher than the previous year. GST revenue shows an even distribution among states, with many regions showing substantial growth. For example, Uttar Pradesh saw a growth of 19%,
Meanwhile Maharashtra, Karnataka and Telangana have shown growth rates of 19%, 16% and 19% respectively.
The GST revenue collection for October 2023 is a significant achievement that reaffirms the effectiveness of economic policies and sets a positive path for future fiscal initiatives.