News Brief
India’s GST Collection Hits Rs 1.87 Lakh Crore In October, Second Highest So Far
October GST Collections Surge to Rs 1.87 Lakh Crore.
India’s Goods and Services Tax (GST) collections in October 2024 reached Rs 1.87 lakh crore, marking an 8.9 per cent year-on-year increase compared to Rs 1.72 lakh crore in October 2023, as reported by the Finance Ministry on Friday.
GST collections in September stood at Rs 1.73 lakh crore.
The total GST collections till October rose by 9.4 percent to Rs 12.74 lakh crore in 2024, up from Rs 11.64 lakh crore during the same period in 2023.
Official figures show that year-on-year growth was recorded across Central GST, State GST, Integrated GST, and cess collections for October.
October 2024 recorded the second-best GST mop-up. The highest ever collection was in April 2024 at over Rs 2.10 lakh crore.
During the month under review, GST from domestic transactions grew 10.6 per cent to Rs 1.42 lakh crore, while revenues from tax on imports rose about 4 per cent to Rs 45,096 crore.
Refunds worth Rs 19,306 crore were issued during the month, registering 18.2 per cent growth over the year-ago period.
This second-highest GST collection in FY 2024-25 in October comes on the account of strong festive season sales and improved compliance.
State-wise data for October showed that out of 38 states/union territories (including Centre’s jurisdiction), 14 states/UTs recorded higher growth in gross GST collections than the national average of 10.6 per cent growth rate. In absolute terms, Maharashtra was at the top with collection of Rs 31,030 crore (14 per cent growth), followed by Karnataka with collection of Rs 13,081 crore (9 per cent growth), Gujarat with collection of Rs 11,407 crore (17 per cent growth), Tamil Nadu with Rs 11,188 crore (4 per cent growth) and Haryana with Rs 10,045 crore collection (15 per cent growth).
