The Central Government has made bumper earnings from GST in October. In the month of October, the government has made the second highest earning in history. In the month of April, the government had the highest GST collection of Rs 1.87 lakh crore. In the month of October, the government has earned an income of more than Rs 1.72 lakh crore. Which is 13 percent more than the same period last year. In the current financial year, the government is earning an average of Rs 1.66 lakh crore every month. Let us also tell you how the government has earned record breaking earnings from GST.
13 percent increase in GST collection
In the month of October, the government has earned Rs 1,72,003 crore from GST collection. Of which Rs 30,062 crore is CGST, Rs 38,171 crore is SGST, Rs 91,315 crore (with import collection of goods Rs 42,127 crore) is IGST and Rs 12,456 crore (with collection on import of goods Rs 1,294 crore) is cess. Gross GST revenue in October is 13 percent more than the same quarter last year. The average GST collection in the financial year 2023-24 has now reached Rs 1.66 lakh crore, which is 11 percent more than the same period of the last financial year.
How much was collected in which month in the current financial year?
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Second largest collection in history
The special thing is that the GST collection for the month of October is the second largest collection in history. Earlier, the highest GST collection of Rs 1.87 lakh crore was seen in the month of April. After that, in the month of October, GST collection has crossed the barrier of Rs 1.70 lakh crore. This is the 5th time in the current financial year when GST collection has crossed Rs 1.60 lakh crore. There were only two such occasions when this figure could not be crossed. In the month of May, GST collection was seen at Rs 1.57 lakh crore. After that, in the month of August, GST collection was seen at Rs 1.59 lakh crore.
Magic figure of Rs 2 lakh crore will be touched
If experts are to be believed, in the remaining months of the current financial year, GST collection will touch the magical figure of Rs 2 lakh crore. The rules for tax evasion have been made quite strict by the government. Because of which no one is thinking about tax evasion. Also, there is a continuous increase in the number of people paying GST. Due to which GST collection may cross Rs 2 lakh crore in the coming month.
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