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 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.
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.
Also Read: India Sees Strong Growth In Key Mineral Production In First Half Of FY25
India wins the Asia Cup 2025 final against Pakistan by 5 wickets at Dubai International…
Putin lauds India’s rapid growth under PM Modi, strengthening bilateral ties and strategic global partnerships.
ACC approves senior IPS officers’ promotions to Special Director General roles, strengthening leadership in India’s…
PM Modi meets Vice President CP Radhakrishnan to discuss a wide range of issues, highlighting…
BRICS leaders denounce Pahalgam attack, while Jaishankar calls for UN reform, multilateral cooperation and global…
Follow live updates and key insights ahead of the Asia Cup 2025 final as India…