GST collection up 9% at Rs1.87 lakh crore in October
02 Nov 2024
Gross collection of revenue by way of Goods and Services Tax (GST) in India increased by nearly 9 per cent year-on-year and stood at a 6-month high of Rs1.87 lakh crore in October.
The increase in GST collection comes on the back of a 10.6 per cent increase in total transactions to 1.42 lakh crore.
The total GST collection included central GST (CGST) of Rs33,821 crore, state GST (SGST) of Rs41,864 crore, Integrated GST (IGST), collected from cross-border and inter-state transactions, of Rs99,111 crore and cess of Rs12,550 crore.
GST collection from domestic transactions increased by 10.6 per cent to Rs1.42 lakh crore, while revenue from imports increased by 4 per cent to Rs45,096 crore.
Net GST collection, after refunds, stood at Rs1.68 lakh crore, showing an increase of 8 per cent.
It may be noted that GST refunds also increased by 18.2 per cent in October.
While the buoyancy in tax collection this time around can be attributed to the festive season, monthly GST collection has been ruling above Rs1.7 lakh crore for the past seven months, reflecting a steady pace in economic activity in the country.
The buoyancy in tax collections ahead of the GST Council’s next meeting, scheduled for later this month, augurs well for addressing several key issues such as rate rationalisation, simplification of compliance processes and streamlining the refund process.
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