GST collections grow 23 per cent to over Rs 2.31 lakh crore in October
Gross Goods and Services Tax collections rose driven by domestic sales and a 42 per cent jump in import revenues.
Gross Goods and Services Tax (GST) collections increased by 23 per cent to over Rs 2.31 lakh crore in October, according to government data released on Sunday, as reported by The Tribune and ThePrint.
The collection includes Central GST of Rs 42,935 crore, State GST of Rs 51,340 crore, and Integrated GST of over Rs 1.37 lakh crore. Revenues from imports climbed 42 per cent to Rs 72,246 crore, while gross collections from domestic sales rose 16 per cent to over Rs 1.59 lakh crore.
GST refunds increased 6.5 per cent year-on-year to Rs 27,934 crore. After adjusting for these refunds, net GST collections rose 26 per cent to over Rs 2.03 lakh crore.
Between April and October, gross GST collection grew 13.2 per cent to over Rs 14.77 lakh crore. During the same period, net collections rose 13 per cent to over Rs 12.69 lakh crore.
MS Mani, a partner at consulting firm Deloitte, said the data suggests festival season consumption increases have started, a focus on strict GST compliance and audits is paying off, and import GST is a significant part of overall collections.