GST Collections of September 2023

GST collection for September 2023 is Rs.1,62,712 crore, rising from Rs.1,59,069 crore last month. 

The GST collections for August 2023 were Rs.1,59,069, which had fallen compared to July 2023, which clocked a collection of Rs.1,65,105 crore. Whereas the September 2023 GST collections have jumped back to Rs.1,62,712 crore. Accordingly, the monthly GST collections have grown by 10% Year-on-Year (YoY) basis. 

Break up of GST Collections for September 2023

The GST collections included Rs.29,818 crore collected towards CGST, Rs.37,657 crore towards SGST, and Rs.83,623 crore towards IGST. IGST includes Rs.41,145 crore worth of GST on goods imported. 

The latest notified PIB report also says that the cess collections accounted for Rs.11,613 crore, including Rs.881 crore collected towards importing goods.

The government release highlights that the Centre settled Rs.33,736 crore and Rs.27,578 crore in September 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 September 2023 works out to Rs.63,555 crore for Central GST and Rs.65,235 crore for State GST.

Analysis of the GST Collection for September 2023

For September 2023, the GST collections have risen compared to last month. Further, the monthly collections have consecutively crossed Rs.1.4 lakh crore for nineteen months and crossed Rs.1.5 lakh for the tenth time since 1st July 2017. Monthly collections for September 2023 are the fourth-highest, crossing the Rs.1.6 lakh crore mark since the inception of GST.

The domestic revenue (including service import) was 14% Y-o-Y basis. Moreover, the GST revenues for September 2023 are 10% higher than the monthly GST collections of September 2022 on a Year-on-Year (Y-o-Y) basis. The GST collection for September 2022 was Rs.1,47,686 crore. 

There has been an unsteady rise in GST collections since April 2023. The GST collections in May 2023 remain the lowest since April 2023 for this fiscal year. Yet, one can expect improvement in the upcoming months due to the recovering economy and festive season.

The gross GST collection for the H1 of FY’24 ending 30th September 2023 is Rs.9,92,508 crore. It is 11% higher than the gross GST collections in H1 of FY’23 of Rs.8,93,334 crore. 

The average monthly gross collection in FY 2023-24 is Rs.1.65 lakh crore, which is 11% more than the average monthly gross collection for the first half of FY’23, where it was Rs.1.49 lakh crore. The chart below depicts a YoY comparison of the monthly GST collection in India.

Image credit- PIB

GST Collection for September 2023 State-wise

GST collection in Ladakh recorded the highest Y-o-Y rise of 81%. It was followed by Manipur and Telangana scoring growth of 47% and 33%, respectively, Jammu and Kashmir at 32%, and Arunachal Pradesh at 27%. 

Maharashtra has consistently recorded the highest GST collection in yet another month in absolute numbers. In September 2023, it recorded collections of Rs.25,137 crore. States such as Karnataka, Tamil Nadu, Gujarat, Haryana, Uttar Pradesh, and Telangana follow the list.

Yearly Comparison of state-wise SGST Settled before and after the Settlement

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

The GST Collections September 2023 and the information on the half-yearly analysis of GST collections was released by the Finance Ministry in a press report on the PIB website on 1st October 2023.

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