India's monthly indirect tax collection jump hints at economic recovery
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/11/94339dce9f57ce82db61c70098cc1e9d.jpg)
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
The Indian government said it collected more than 1.50 trillion rupees ($18.14 billion) through indirect taxes in October, buoyed by festival-related spending and hinting at a steady recovery in Asia's third-largest economy.
The goods and services tax (GST) collection was 1.52 trillion rupees in October, the second-highest monthly collection since GST was introduced in 2018.
GST collection was 1.48 trillion rupees in September, while it was 1.30 trillion rupees in October 2021.
India's overall tax collection in the current fiscal year has been a positive surprise, coming as it has while high inflation threatened to hurt demand and consumer activity.
According to government sources, India is likely to better its budget tax collection target by more than 1.5 trillion rupees, which will partly help offset high expenditure on account of inflation fighting measures.
Last month, Reuters reported Indian consumers were lapping up everything from cars, houses and television sets to travel and jewellery in the festive season. ($1 = 82.7070 Indian rupees)
![](https://portfolio.investmentguruindia.com/uploads/news/electric23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/lpg23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Energy Outlook.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/gramin23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Kedia Spices Outlook.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Tradebull Securities.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/nirmalabudget23.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Anuj Gupta_Commodity.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/Nirmal bang.jpg)
![](https://portfolio.investmentguruindia.com/uploads/news/unionB23.jpg)
Tag News
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/c5541407585e9dfdc52f905c92d59e61.jpg)
Monthly Debt Market Update, September 2023: CareEdge Ratings
![Quote on RBI decision to discontinue the incremental cash reserve ratio (CRR) By Dr. Manoranjan Sharma, Infomerics Ratings](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/3fb5395769079c26d9056714d034c581.jpg)
![Governance mechanism, customer-centricity can help in fintech ecosystem sustainable growth: Ajay Chaudhary](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/07e25a74a16d5c092d179215565d0295.jpg)
![3 Centres of Excellence set up by TIDCO finding good traction: Tamil Nadu Minister](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2023/09/e6ff15c8d3a72074f69cb881ab6584e7.jpg)