The total GST collection so far in 2024 has increased by 9.4 percent to Rs 12.74 lakh crore.
GST collections in October increase by 9% to Rs 1.87 lakh crore News In Hindi: According to Finance Ministry data released on Friday, Goods and Services Tax (GST) collections in October grossed Rs 1.87 lakh crore, which is 8.9 percent year-on-year. There is an increase of. The total collection in October 2023 was Rs 1.72 lakh crore. Official data available today showed that C GST, S GST, I GST and cess all increased year-on-year in October.
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.
Total GST collections reached a record high of Rs 2.10 lakh crore in April this year. The total gross GST collection during the financial year 2023-24 was recorded at Rs 20.18 lakh crore, an increase of 11.7 percent over the previous financial year.
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.
The surge in recent GST collections reflects a positive trajectory for India's economy, underpinned by strong domestic consumption and buoyant import activity. These figures bode well for the country's fiscal health and economic recovery efforts, indicating resilience amid global uncertainties.
The Goods and Services Tax was implemented in the country from July 1, 2017, and states are entitled to a five-year compensation for any revenue loss arising due to the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017. Compensation was assured.
Hair oil, toothpaste, soap; Detergent and washing powder; Wheat rice curd, lassi, buttermilk; wrist watches; TV up to 32 inches; refrigerator; Washing machines, mobile phones, are among the major items on which GST rates have been significantly reduced, or kept at zero for some, which has benefited the people of this country.
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