GST collection in October reaches 6-month high of Rs 1.87 trillion

By Sandy Verma On Nov 2, 2024

Mumbai Mumbai:Goods and Services Tax (GST) collections reached a six-month high of Rs 1.87 trillion in October. Collections remained above the Rs 1.7 trillion mark for the eighth consecutive month. The collections increased by 8.1 per cent compared to the previous month and saw an increase of 8.9 per cent year-on-year. Second best GST collection recorded in October 2024. The highest collection till date was more than Rs 2.10 lakh crore in April 2024. GST from domestic transactions rose 10.6 per cent to Rs 1.42 lakh crore in October, while revenue from taxes on imports rose nearly 4 per cent to Rs 45,096 crore. According to government data, CGST, SGST, IGST and cess all increased year-on-year in October. Advertisement

From April to October 2024, gross GST collections on year-on-year basis reached Rs 12.74 trillion, showing a growth of 9.4 per cent as compared to Rs 11.64 trillion in the same period last year. After refunds, net GST revenue for October 2024 was Rs 1.68 trillion, showing an increase of 7.9 per cent from Rs 1.55 trillion in October 2023. Total GST collections so far in 2024 have increased by 9.4 percent to Rs 12.74 lakh crore, while Rs 11.64 lakh crore was collected in the same period of 2023. The total gross GST collection during the financial year 2023-24 was recorded at Rs 20.18 lakh crore, showing an increase of 11.7 per cent over the previous financial year.

The average monthly collections for the financial year ending March 2024 stood at Rs 1.68 lakh crore, higher than the previous year's average of Rs 1.5 lakh crore. Ladakh recorded the highest growth rate of 30 percent, followed by Kerala at 20 percent and Haryana at 15 percent. However, in contrast, Arunachal Pradesh and 'other areas' category recorded a decline of 33 per cent and 37 per cent respectively.