GST collections increased to ₹1.72 lakh cr in October

Current Context: The Goods and Services Tax (GST) collection for the month of October 2023 has reached an impressive Rs. 1.72 lakh crore. This is the second highest ever recorded, with the highest GST collections recorded in April 2023.

• This shows a remarkable year-on-year growth of 13%3.
• The gross GST revenue for October 2023 was composed of Rs.30,062 crore in CGST, Rs.38,171 crore in SGST, Rs. 91,315 crore in IGST (including Rs.42,127 crore from imported goods), and Rs. 12,456 crore in cess (including Rs.1,294 crore from imported goods).
• After the customary settlement, the total revenue for the Centre and the States in October 2023 stood at Rs.72,934 crore for CGST and Rs. 74,785 crore for SGST.
• The average monthly gross GST collection for the fiscal year 2023-24 now stands at Rs.1.66 lakh crore, marking an 11% rise from the same period in the previous fiscal year.
• This robust GST collection highlights the underlying resilience of the Indian economy.

Question:

Q.1 What was the total GST collection for the month of October 2023?
a. Rs.1.62 lakh crore
b. Rs. 1.72 lakh crore
c. Rs. 1.82 lakh crore
d. Rs. 1.92 lakh crore