GST collection hits six-month high at Rs 1.87 lakh crore, up 8.9% in Oct
New Delhi/IBNS: Goods and Services Tax (GST) collections reached a six-month peak of Rs 1.87 lakh crore in October, surpassing the Rs 1.7 lakh crore mark for the eighth straight month, according to data released on Friday (Nov. 1).
This figure represents an 8.1 percent increase over the previous month and an 8.9 percent rise compared to October 2023’s Rs 1.72 lakh crore, boosted by festive season spending.
However, October’s collections fell short of the April peak of Rs 2.1 lakh crore.
The increase in GST revenue signals an economic rebound from the previous two months when collections had declined.
In September, GST revenue growth slowed to 6.5 percent, the lowest since the Covid-19 period.
Average monthly GST collections dropped to Rs 1.77 lakh crore in the second quarter, down from Rs 1.86 lakh crore in the first quarter of FY25.
Domestic GST revenue grew at a faster pace of 10.6 percent, while import revenue growth was more subdued at 3.9 percent.
Domestic refunds rose significantly by 42.8 percent, reaching Rs 10,498 crore, up from Rs 7,352 crore, while total refunds increased by 18.2 percent to Rs 19,306 crore.
Overall, net GST revenue grew by 7.9 percent, with domestic revenue rising 8.7 percent.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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