MONEY
At Rs 1.87 lakh crore in October, GST records second-highest collection ever
- IBJ Bureau
- Nov 02, 2024
Gross Goods and Services Tax (GST) collection in October rose by 9 per cent to over Rs 1.87 lakh crore, the second-highest ever, on pick-up in domestic sales and improved compliance.
The Central GST collection stood at Rs 33,821 crore, State GST at Rs 41,864 crore, Integrated IGST at Rs 99,111 crore and cess at Rs 12,550 crore during the month.
According to the government data, the total gross GST revenue grew by 8.9 per cent to Rs 1,87,346 crore. In October 2023, the mop-up was at Rs 1.72 lakh crore.
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 by 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.
After adjusting refunds, net GST collection grew by 8 per cent at over Rs 1.68 lakh crore.
Deloitte India Partner M S Mani has said that 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,” Mr Mani has added.
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