Government data released on Friday showed that GST collections in October reached ₹1.87 lakh crore, an 8.9% increase from ₹1.72 lakh crore in the same month last year. October marks the eighth consecutive month with GST collections above ₹1.7 lakh crore.
The latest figures reveal ₹33,821 crore in Central GST (CGST), ₹41,864 crore in State GST (SGST), ₹99,111 crore in Integrated GST (IGST), and ₹12,550 crore in cess. For the fiscal year’s first seven months, collections rose by 9.4%, totaling ₹12.74 lakh crore, up from ₹11.64 lakh crore during the same period in 2023.
Domestic and Import Revenues Show Growth
Domestic GST revenues grew by 10.6%, reaching around ₹1.42 lakh crore, while GST from imported goods rose 4% to ₹45,096 crore compared to last year. Refunds issued by the government increased by 18.2%, totaling ₹19,306 crore, with net GST revenue up by 8% to over ₹1.68 lakh crore.
Improvement Follows Recent Slowdown in Growth
The rise in GST collections follows a slow growth period; September’s 6.5% revenue growth was the lowest since the pandemic. The September quarter’s average monthly GST revenue was ₹1.77 lakh crore, down from the June quarter’s ₹1.86 lakh crore. October’s growth signals a potential economic rebound.
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