October Sees Second-Highest GST Collections Over Rs 1.87 Lakh Crore

The central GST collection touched Rs 33,821 crore, while state GST stood at Rs 41,864 crore in the month, data released by the government on Friday showed

After adjusting for refunds, the data showed that the net GST collection soared 8 per cent in the month to cross Rs 1.68 lakh crore, in comparison to the same period last year.

Source : Okcredit

India saw a surge in its GST collections in October as the gross Goods and Services Tax (GST) collection climbed 9 per cent to surpass Rs 1.87 lakh crore in the month. This remained the second-highest ever GST collection attributed to a jump in domestic sales and an improvement in compliance.

The central GST collection touched Rs 33,821 crore, while state GST stood at Rs 41,864 crore in the month, data released by the government on Friday showed. The Integrated IGST reached Rs 99,111 crore, while cess stood at Rs 12,550 crore during October, reported PTI.

The gross GST collections rose 8.9 per cent to reach Rs 1,87,346 crore in October 2024. Comparatively, the collections in the same month a year earlier stood at Rs 1.72 lakh crore. 

April 2024 recorded peak GST collection at more than Rs 2.10 lakh crore. During the current month under review, the GST raised from domestic transactions climbed 10.6 per cent to touch Rs 1.42 lakh crore, while revenues from tax on imports increased nearly 4 per cent to Rs 45,096 crore.

The refunds during October stood at Rs 19,306 crore, gaining 18.2 per cent on a year-on-year (YoY) basis. After adjusting for refunds, the data showed that the net GST collection soared 8 per cent in the month to cross Rs 1.68 lakh crore, in comparison to the same period last year.

Elaborating on the tax collections, MS Mani, Partner, Deloitte India, noted, “The buoyancy in GST collections is on account of an excellent combination of festive season sales and increased compliance. The driver appears to be domestic supplies... While many large states have recorded an increase in GST revenue above 9 per cent, some of them and many of the smaller states have shown a below average increase, which would be an area of concern for those states.”