Politics · India Bureau
GST Collections Surge 23% to ₹2.31 Trillion in October
India's Goods and Services Tax revenue jumped 23 percent year-on-year to ₹2.31 lakh crore in October, buoyed by robust domestic consumption and a sharp rise in import duties. Net collections, after adjusting for refunds, climbed 26 percent to ₹2.03 lakh crore.
LSN India ·
Gross GST collections reached ₹2.31 lakh crore in October, marking a robust 23 percent increase from the year-ago period, according to government data released Sunday. The uptick reflects strong economic activity across both domestic and international trade channels.
Domestic GST mop-up climbed 16 percent to ₹1.59 lakh crore, while revenues from imported goods surged 42 percent to ₹72,246 crore. The overall collection comprised Central GST of ₹42,935 crore, State GST of ₹51,340 crore, and Integrated GST of over ₹1.37 lakh crore.
GST refunds increased 6.5 percent year-on-year to ₹27,934 crore during the month. After accounting for refunds, net GST collections rose 26 percent to ₹2.03 lakh crore, indicating sustained economic momentum.
The April-October fiscal period reflected sustained growth momentum, with gross GST collections rising 13.2 percent to ₹14.77 lakh crore. Net collections for the seven-month period grew 13 percent to ₹12.69 lakh crore, suggesting the economy continues on a steady expansion trajectory.