GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
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The goods and services tax (GST) collections stood at Rs 1.87 lakh crore in October, an 8.9 per cent rise from Rs 1.72 lakh crore in GST revenue in the same month last year, government data showed on Friday.
It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.
According to the official data, CGST, SGST, IGST, and cess all increased in the last month. In October, Rs 33,821 crore was collected as Central GST (CGST) while State GST (SGST) collection stood at Rs 41,864 crore. The government also collected Integrated GST (IGST) at Rs 99,111 crore and cess amounting to Rs 12,550 crore.
For the first seven months of this fiscal, collections were up 9.4 per cent at Rs 12.74 lakh crore, as against Rs 11.64 lakh crore mopped up in the corresponding period of 2023.
The gross GST revenues from domestic transactions grew 10.6 per cent to about Rs 1.42 lakh crore, as revenues from import of goods were up 4 per cent to Rs 45,096 crore compared to the previous year’s figures.
Refunds worth Rs 19,306 crore were issued by govt during the month, registering 18.2 per cent growth compared to the same period last year. After adjusting refunds, net GST revenue collection increased 8 per cent at over Rs 1.68 lakh crore.
A rise in GST collection indicates a better economic condition than the previous two months when collections declined. At 6.5 per cent in September, the growth in the GST revenues was the lowest since the pandemic period. The average GST revenue for the September quarter of FY 25 has reduced to Rs 1.77 lakh crore monthly. It was Rs 1.86 lakh crore monthly in the June quarter of FY 25.
