Winning Bizness Sports Desk
Mumbai. The government has released the GST collection data for September 2023. A record Rs 1.63 lakh crore has been collected throughout the country as the GST collection in September, which is 10.2 percent more than last year. Out of this, Rs 25, 137 crores has been collected from Maharashtra state, topping in the top-5 states in terms of GST collection in September 2023. GST collection in Maharashtra has increased by 17 percent to Rs 25,137 crore compared to last year. According to the released data, in the month of September, a total of Rs 1,62,712 crore has accumulated in the government exchequer. Revenue from domestic transactions (including import of services) for this month is 14 percent higher than the revenue from these sources in the same month last year. This is the fourth time that the total GST collection has crossed the ₹1.60 lakh crore mark in the financial year 2023-24.
IGST tops in collection
The Finance Ministry informed in this regard that the total GST revenue in September 2023 is Rs 1,62,712 crore, of which CGST is Rs 29,818 crore and SGST is Rs 37,657 crore, while IGST is Rs 83,623 crore, out of this 41,145 crore collected on import of goods including import of goods while cess collected is Rs 11,613 crores including 881 crores collected on import of goods. The government has settled Rs 33,736 crore from IGST to CGST and Rs 27,578 crore to SGST. The total revenue of the Center and States in September 2023 after regular settlement is Rs 63,555 crore for CGST and Rs 65,235 crore for SGST. Notably, GST collection for August 2023 was Rs. 1,59,069 crore, falling from Rs. 1,65,105 crore July 2023 month.
GST divided into four slabs
The GST revenue is shared between the Central and State governments in a ratio of 50:50 for most goods and services. For instance, if a supplier of goods or services sells a product worth ₹ 100, he has to pay a total of 18% GST, split into 9% CGST and 9% SGST. GST rates in India for various goods and services are divided into four slabs: they are at present 5% , 12% , 18% , & 28% GST. The GST rate slabs are decided by the GST Council..
