Growth in India’s gross Goods and Services Tax (GST) revenues bounced back in October with tax collections rising 13.4% to the second-highest monthly tally of ₹1.72 lakh crore.
October’s revenue growth marks the sharpest year-on-year uptick since December 2022. In September, the growth in the indirect tax collections had slowed to a 27-month low of 10.2%. Domestic transactions and services imports yielded a 13% uptick in October’s kitty. The Finance Ministry did not disclose the revenue growth from goods imports.
GST Compensation Cess collections hit a record high of ₹12,456 crore in October, surging past the previous high of ₹12,025 crore collected in April this year from the levy that will persist till at least March 2026.
Back-of-the-envelope calculations by The Hindu indicate that GST levies on imports of goods rose 13.9% in October, which is faster than the growth from domestic transactions.
The highest-ever revenue from GST was recorded in April 2023 at ₹1.87 lakh crore.
The average gross monthly GST collection in the FY 2023-24 now stands at ₹1.66 lakh crore, 11% higher than the year-ago period.
With inputs from PTI.