Kerala has registered 12% year-over-year growth in Goods and Services Tax (GST) revenue in September.
Union Finance Ministry figures released on October 1 put the GST revenue collection of Kerala in September 2023 at ₹2,505 crore. It was ₹2,246 crore in September 2022.
The collection for a given month pertains to the consumption of goods and services in the previous one.
Kerala has recorded steady growth in GST revenues in the first and second quarters of the 2023-24 fiscal compared to the corresponding period last year.
In the first quarter of the 2023-24 fiscal, Kerala had recorded 12% growth in GST revenues in April 2023, 11% growth in May and 26% growth in June compared to same months in 2022.
In the second quarter, Kerala had recorded 10% growth in GST revenues in July and 13% growth in August compared to the same months in 2022. And as per the latest figures, 12% in September.
The collection for July 2023 stood at ₹2,381 crore against ₹2,161 crore. The collection for August 2023 stood at ₹2,306 crore. It was ₹2,036 crore in August 2022.
The Union Finance Ministry figures also indicated an 8% growth in ‘post-settlement State GST (SGST)‘ during the period April-September this year compared to 2022-23.
Post-settlement GST is cumulative of GST revenues of the State and the SGST portion of the Integrated GST (IGST) settled to it. For Kerala, this has risen from ₹14,594 crore during April-September 2022-23 to ₹15,827 crore during the same period this financial year.
