Government treasury filled during festivals due to GST collection, increased by 13%
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The month of October is a month of festivals. As soon as October arrives, the festival season starts. With the beginning of the festive season, the government has also got a strong GST collection in the month of October. This time GST collection reached Rs 1.72 lakh crore. With the arrival of festivals, this is excellent news on the economic front as well.
Let us tell you that there has been 13 percent more collection in October. Let us also tell you that GST was implemented in 2017, after which the collection has been at the highest level in October. Earlier in the year 2022, GST collection in the month of October was 13 percent. This is the second highest monthly figure of GST collection.
The Finance Ministry gave this information on Wednesday. A year ago, in October 2022, GST collection was Rs 1.52 lakh crore. “GST revenue for October 2023 is the second highest figure after April 2023,” the ministry said in a statement. The GST collection in April 2023 was Rs 1.87 lakh crore. The average monthly GST collection in the financial year 2023-24 has been Rs 1.66 lakh crore. This is 11 percent more than last year.
Let us tell you that earlier during September 2023, there was a very good response in GST collection. During this period, Rs 1,62,712 crore was collected from the government treasury. It was 10.2 percent more than the year before in September 2022. Also in September this year, 2.3 percent more GST was collected as compared to August. This year, monthly GST collection of more than Rs 1.5 lakh was collected for seven consecutive months.
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