Fri Nov 01 10:47:05 UTC 2024: Updated – November 01, 2024 04:42 pm IST – New DelhiRepresentative image | Photo Credit: Getty Images
Gross GST collection grew 9% to over ₹1.87 lakh crore in October on higher revenues from domestic transactions.
India’s Gross Goods and Services Tax (GST) collections surpassed ₹1.87 lakh crore in October, marking the second highest monthly collections on record, with growth rebounding to 8.9% in October from a 40-month low of 6.5% in September.In October 2023, the mop-up was at ₹1.72 lakh crore.
Factoring in refunds, which increased 18.2% from a year ago, net GST receipts rose 7.9% to a tad over ₹1.68 lakh crore. This also marked a recovery from the September’s growth rate of 3.9% which was the slowest so far in 2024-25.
Growth in Gross GST revenues from domestic transactions improved to 10.6% from about 6% a month earlier, while import revenues were up 3.9% in October, halving from September’s 8% uptick. Net domestic receipts were up 8.7%, almost double the 4.5% growth recorded in September 2024.
Overall revenues from GST, prior to refunds, in the first seven months of this year, now stand at ₹12.74 lakh crore, 9.4% over the same period of 2023-24. Net revenues, after refunds, are also up 9% at over ₹11.27 lakh crore, as per an official statement.
GST from domestic transactions grew 10.6% to ₹1.42 lakh crore, while tax on imports rose about 4% to ₹45,096 crore during October 2024.Also read: What is GST and how will it affect you? All your questions answered
Refunds worth ₹19,306 crore were issued during the month, registering 18.2% growth over the year-ago period.
After adjusting refunds, net GST collection grew 8% at over ₹1.68 lakh crore.
Published – November 01, 2024 04:17 pm IST
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