News Indian Bulletin

GST Collection Jumps 10% YoY To Rs 1.63 Trillion In September; View Details

<p>According to the most recent official statistics made public on Sunday, gross GST receipts in September 2023 were Rs 1,62,712 crore, a 10% increase over the same month last year. For the fourth time in the current fiscal year 2023–2024, the total GST collection has surpassed Rs 1.60 lakh crore.</p>
<p>The gross GST collection for the first half of the fiscal year 2023–24, which concluded in September 2023, was Rs 9,92,508 crore, or 11% more than the Rs 8,93,334 crore total from the prior year.<img decoding=”async” class=”alignnone wp-image-214628″ src=”” alt=” saira banu reveals this as her favorite scene with vinod khanna and amitabh bachch” width=”1318″ height=”987″ srcset=” 259w,×112.jpg 150w” sizes=”(max-width: 1318px) 100vw, 1318px” title=”GST Collection Jumps 10% YoY To Rs 1.63 Trillion In September; View Details 6″></p>
<p>“The income for September 2023 is 10% greater than the income from GST in the same month last year. The month’s domestic transaction revenues (including those from the import of services) were 14% greater than they were in the same month previous year. The total GST collection in FY 2023–24 exceeded Rs 1.60 lakh crore for the fourth time, according to a statement from the finance ministry.</p>
<p>Current GST collection information for 2022–2023 and 2023–2024. (Source: Ministry of Finance)</p>
<p>During FY 2023–24, the average monthly gross collection was Rs 1.65 lakh crore, an increase of 11% over the average monthly gross collection during the first half of FY 2022–23, which was Rs 1.49 lakh crore.</p>
<p>In September 2023, total GST income was Rs 1,62,712 crore. According to the statement, cess accounts for Rs 11,613 crore, with CGST accounting for Rs 29,818 crore, SGST accounting for Rs 37,657 crore, and IGST accounting for Rs 83,623 crore (including Rs 41,145 crore collected on import of goods).</p>
<p>The typical period of limitation for FY17–18 ended on September 30. According to Abhishek Jain, Head of Indirect Tax and Partner at KPMG, “Some of this enhanced collection might be connected to firms having resolved concerns with payment of taxes for the aforementioned time. While 1.6 lakh crore and beyond seems to be the new standard, the impending holiday season may cause this to increase much more.</p>
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