Goods and services tax (GST) collections rose 8.9% to Rs 1.87 lakh crore in October compared with Rs 1.72 lakh crore GST revenue in the same month last year, government data showed on Friday. This is the eighth straight month of GST collections crossing the Rs 1.7 lakh crore mark.
The data released by the government showed that all CGST, SGST, IGST, and cess were up in the last month. Central GST (CGST) collected Rs 33,821 crore in October while State GST (SGST) collection was at Rs 41,864 crore. The government also collected Integrated GST (IGST) at Rs 99,111 crore and cess amounting to Rs 12,550 crore.
Collections for the first seven months of this fiscal were up 9.4 per cent at Rs 12.74 lakh crore, as compared to Rs 11.64 lakh crore mopped up in the corresponding period of 2023.
Gross GST revenues from domestic transactions increased by 10.6 percent to around Rs 1.42 lakh crore as the revenues from the import of goods were up 4 percent to Rs 45,096 crore compared with last year's figures.
The government had issued refunds worth Rs 19,306 crore during the month and showed 18.2% growth compared to the same period last year. After adjusting refunds, net GST revenue collection increased 8% to over Rs 1.68 lakh crore.
A rise in GST collection is a better economic condition than the previous two months, when collections declined. Growth in the GST revenues came in at 6.5 per cent in September, which was the lowest since the pandemic period. The average GST revenue for the September quarter of FY 25 has reduced to Rs 1.77 lakh crore monthly. It was Rs 1.86 lakh crore monthly in the June quarter of FY 25.
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