Gross GST collection increased by 9% in October to more than Rs.1.87 lakh crore, the second-highest ever, owing to increased domestic sales and improved compliance.
Reetu | Nov 2, 2024 |
GST Collection: October records Second Highest Collection at Rs.1.87 lakh Crore
Gross GST collection increased by 9% in October to more than Rs.1.87 lakh crore, the second-highest ever, owing to increased domestic sales and improved compliance. During the month, the Central GST collection totalled Rs.33,821 crore, the State GST totalled Rs.41,864 crore, the Integrated IGST totalled Rs.99,111 crore, and the cess amounted Rs.12,550 crore.
According to government data released on Friday, overall gross Goods and Services Tax (GST) collection increased by 8.9% to Rs. 1,87,346 crore. In October 2023, the mop-up stood at Rs.1.72 lakh crore.
October 2024 had the second-best GST mop-up. In April 2024, the biggest-ever collection was more than Rs.2.10 lakh crore.
During the month under review, GST from domestic transactions increased by 10.6% to Rs 1.42 lakh crore, while tax on imports increased by roughly 4% to Rs.45,096 crore. Refunds totalling Rs.19,306 crore were granted this month, representing an 18.2% increase over the same period last year.
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