An Indian consumer goods trader shows letters GST representing “Goods and Services Tax” (GST)at his shop in Hyderabad on August 3, 2016. Growth in India’s gross Goods and Services Tax (GST) revenues bounced back in October with tax collections rising 13.4% to the second-highest monthly tally of ₹1.72 lakh crore.
| Photo Credit: AFP
Growth in India’s gross Goods and Services Tax (GST) revenues bounced back in October with tax collections rising 13.4% to the second-highest monthly tally of ₹1.72 lakh crore.
October’s revenue growth marks the sharpest year-on-year uptick since December 2022. In September, the growth in the indirect tax collections had slowed to a 27-month low of 10.2%. Domestic transactions and services imports yielded a 13% uptick in October’s kitty. The Finance Ministry did not disclose the revenue growth from goods imports.
GST Compensation Cess collections hit a record high of ₹12,456 crore in October, surging past the previous high of ₹12,025 crore collected in April this year from the levy that will persist till at least March 2026.
Back-of-the-envelope calculations by The Hindu indicate that GST levies on imports of goods rose 13.9% in October, which is faster than the growth from domestic transactions.
The highest-ever revenue from GST was recorded in April 2023 at ₹1.87 lakh crore.
The average gross monthly GST collection in the FY 2023-24 now stands at ₹1.66 lakh crore, 11% higher than the year-ago period.
With inputs from PTI.