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GST Collections of October 2023

By Annapoorna

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Updated on: Nov 17th, 2023

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14 min read

GST collection for October 2023 is Rs.1,72,003 crore, rising from Rs.1,62,712 crore last month. The GST collections for August 2023 were lower at Rs.1,59,069. Whereas the October 2023 GST collections have jumped to Rs.1,72,003 crore. Accordingly, this month’s collections are the second highest ever, next to April 2023! Read on to know more.

Break up of GST Collections for October 2023

The GST collections consist of Rs.30,062 crore collected towards CGST, Rs.38,171 crore towards SGST, and Rs.91,315 crore towards IGST. IGST includes Rs.42,127 crore worth of GST on goods imported. 

The recently released PIB report further states that the cess collections accounted for Rs.12,456 crore, including Rs.1,294 crore collected towards goods imported.

The government report indicates that the Centre settled Rs.42,873 crore and Rs.36,614 crore in October 2023 towards CGST and SGST, respectively, out of the Integrated GST collections. 

The remaining revenue of the Centre and states after making regular settlements in October 2023 works out to Rs.72,934 crore for Central GST and Rs.74,785 crore for State GST.

Analysis of the GST Collection for October 2023

For October 2023, the GST collections have boomed compared to the previous month. Monthly collections for October 2023 have garnered the country's attention, crossing the Rs.1.7 lakh crore mark for the second time this year after April 2023. 

The domestic revenue (including service import) was 13% Y-o-Y basis. Moreover, the GST revenues for October 2023 are 13% higher than the monthly GST collections of October 2022 on a Year-on-Year (Y-o-Y) basis. The GST collection for October 2022 was Rs.1,51,718 crore. 

There has been an unstable rise in GST collections since April 2023. Until now, May 2023 has recorded the lowest GST collections in FY 2023-24 at Rs.1,57,090. The higher collections for October 2023 can be credited to the rise in consumption patterns amidst the festive season of Dussehra. Furthermore, the increase in GST settlement on account of the issue of GST demand notices for the past financial years has also contributed to the spike in numbers.

The H1 of FY’24, ending 30th September 2023, saw collections of Rs.9,92,508 crore. It was 11% more than the gross GST collections in H1 of FY’23 of Rs.8,93,334 crore last year. 

The average gross monthly GST collections in the FY 2023-24 works out to Rs.1.66 lakh crore and is 11% higher than the collections in the same month of the previous year. 

The chart given below shows the YoY comparison of the monthly GST collection in India for FY 2023-24. 

gst collections october 2023

 Image credit- PIB

GST Collection for October 2023 State-wise

The PIB has not released the state-wise GST collections for October 2023.

Yearly Comparison of State-wise SGST settled before and after the Settlement

Below is the state-wise overview of the pre-settlement and post-settlement State GST figures-

State/UT

Pre-Settlement SGST

Post-Settlement SGST

2022-23

2023-24

Growth

2022-23

2023-24

Growth

Jammu and Kashmir

1,318

1,762

34%

4,299

4,817

12%

Himachal Pradesh

1,341

1,546

15%

3,368

3,302

-2%

Punjab

4,457

4,903

10%

11,378

13,115

15%

Chandigarh

351

389

11%

1,227

1,342

9%

Uttarakhand

2,805

3,139

12%

4,513

4,890

8%

Haryana

10,657

11,637

9%

18,291

20,358

11%

Delhi

8,000

9,064

13%

16,796

18,598

11%

Rajasthan

8,832

9,859

12%

19,922

22,571

13%

Uttar Pradesh

15,848

18,880

19%

38,731

42,482

10%

Bihar

4,110

4,731

15%

13,768

15,173

10%

Sikkim

179

297

66%

489

629

29%

Arunachal Pradesh

282

378

34%

932

1,155

24%

Nagaland

125

177

42%

564

619

10%

Manipur

166

210

27%

812

659

-19%

Mizoram

105

168

60%

488

573

18%

Tripura

242

299

23%

847

928

9%

Meghalaya

265

353

33%

841

988

17%

Assam

2,987

3,428

15%

7,237

8,470

17%

West Bengal

12,682

13,799

9%

22,998

24,607

7%

Jharkhand

4,329

5,152

19%

6,466

7,128

10%

Odisha

8,265

9,374

13%

11,031

12,723

15%

Chhattisgarh

4,285

4,773

11%

6,421

7,656

19%

Madhya Pradesh

6,062

7,384

22%

15,418

18,100

17%

Gujarat

21,644

24,005

11%

32,943

36,322

10%

Dadra and Nagar Haveli and Daman and Diu

381

372

-3%

709

606

-15%

Maharashtra

48,870

58,057

19%

74,612

84,712

14%

Karnataka

20,165

23,400

16%

37,924

42,657

12%

Goa

1,111

1,307

18%

2,024

2,299

14%

Lakshadweep

6

16

162%

18

66

259%

Kerala

7,016

8,082

15%

17,450

18,370

5%

Tamil Nadu

20,836

23,661

14%

34,334

37,476

9%

Puducherry

271

288

6%

695

833

20%

Andaman and Nicobar Islands

112

125

12%

287

311

8%

Telangana

9,538

11,377

19%

21,301

23,478

10%

Andhra Pradesh

7,347

8,128

11%

16,441

18,488

12%

Ladakh

81

121

49%

311

377

21%

Other Territory

97

140

44%

281

685

144%

Grand Total

2,35,167

2,70,777

15%

4,46,167

4,97,562

12%

The GST Collections October 2023 was released by the Ministry of Finance in a press report on the PIB website on 1st November 2023.

Also Read
GST Collection September 2023
GST Collection August 2023
GST Collection July 2023
GST Collection June 2023
GST Collection May 2023
GST Collection April 2023
GST Collection March 2023
GST Collection February 2023
GST Collection January 2023

About the Author

I preach the words, “Learning never exhausts the mind.” An aspiring CA and a passionate content writer having 4+ years of hands-on experience in deciphering jargon in Indian GST, Income Tax, off late also into the much larger Indian finance ecosystem, I love curating content in various forms to the interest of tax professionals, and enterprises, both big and small. While not writing, you can catch me singing Shāstriya Sangeetha and tuning my violin ;). Read more

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Quick Summary

GST collection for October 2023 spiked to Rs.1,72,003 crore, the second highest ever, with CGST, SGST, and IGST contributions. The rise in numbers can be attributed to the festive season and GST demand notices for past financial years. The H1 FY’24 collections were 11% higher than FY’23. The PIB report did not provide state-wise data for October 2023.

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