Team Blitz India
NEW DELHI: In September, India recorded a 10% year-on-year increase in goods and services tax collections, reaching Rs 1.63 lakh crore, as revealed by the Finance Ministry’s statement on October 1, 2023. This marks the fourth occasion in FY24 where the gross GST collections have surpassed the Rs 1.60 lakh crore threshold. August also saw a comparable year-on-year rise, with collections at Rs 1.59 lakh crore. The September collection breakdown includes Rs 29,818 crore for CGST, Rs 37,657 crore for SGST, Rs 83,623 crore for IGST (with Rs 41,145 crore from imported goods), and a cess of Rs 11,613 crore (including Rs 881 crore from imported goods).
GST is a comprehensive multi-stage, destination-based tax that is applied on every value addition.
GST is implemented in various countries around the world, with India being a notable example. In India, the GST replaced several federal and state taxes, including central excise duty, services tax, and additional customs duties at the central level and value-added tax, octroi, and purchase tax at the state level, making the taxation system simpler and more efficient.