09-Nov-2024
2 mins read
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GST Collection in October 2024 reached Rs 1.87 Lakh crore, showcasing a rise of 8.9% from last year. The total GST collection for 2024 stands at Rs 12.74 lakh crore. The steady growth in the GST numbers indicates the overall economic growth. The recent growth in the GST numbers is driven by domestic consumption and import activity.
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GST Collection for October CGST, SGST, IGST
The CGST collection
stood at Rs 33,821 crore, the SGST collection at Rs 41,846 crore, and the IGST
collection at Rs 99,111 crore. The cess collected during the month is Rs 12,550
crore.
In October 2024, India recorded the second-best GST collection month. The highest-ever collection was in April 2024 at Rs 2.10 lakh crore.
GST from domestic transactions grew by 10.6% to Rs 1.42 lakh crore. The revenue from tax on imports increased by 4% to Rs 45,096 crore. Refunds of Rs 19,306 crore were issued during the month, registering 18.2% growth over the year-ago period. After adjusting refunds, the net GST collection grew by 8% over Rs 1.68 lakh crore.
GST Collection Comparison September vs October
In October, growth in gross revenues from domestic transactions improved to 10.6% from about 6% a month earlier, while import revenues grew at a much milder pace of 3.9% in October, halving from September’s 8% uptick.
Net domestic receipts in October, from transactions undertaken in September, were up 8.7%, almost double the 4.5% growth recorded in the preceding month.
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