September GST Collections Surge to Rs 1.73 Lakh Crore with 6.5% Yearly Growth

GST collections in September hit Rs 1.73 lakh crore, marking a 6.5% annual increase. Year-on-year gains were seen across CGST, SGST, IGST, and cess. The April-September 2024 period showed an overall 9.5% rise, spotlighting robust economic health and strong consumption patterns.

In September, Goods and Services Tax (GST) collections surged to Rs 1.73 lakh crore, reflecting a 6.5 percent increase from the previous year, according to data released by the finance ministry on Tuesday. This figure contrasts with Rs 1.62 lakh crore collected in September 2023.

The breakdown of GST—comprising CGST, SGST, IGST, and cess—all indicated year-on-year growth, the official data revealed today. From January to September 2024, the total GST collection stood at Rs 10.9 lakh crore, up 9.5 percent from the Rs 9.9 lakh crore collected during the same period in 2023.

Notably, April 2024 saw a record GST mop-up of Rs 2.10 lakh crore. Fiscal year 2023-24's total gross GST collection reached Rs 20.18 lakh crore, marking an 11.7 percent increase over the previous year. The average monthly collection for the fiscal year ending March 2024 was Rs 1.68 lakh crore, surpassing the previous year's average of Rs 1.5 lakh crore—the increasing figures point to robust domestic consumption and strong import activity, signaling economic resilience amid global uncertainties.

(With inputs from agencies.)