GST Collection October 2024: Only Rs 1.87 lakh crore has come into the government coffers last month (October 2024) from GST. In October 2024, the gross revenue collection of Goods and Services Tax i.e. GST increased by 8.9 percent to Rs 1.87 lakh crore. Let us tell you that in the month of October last year, the government had collected a total of Rs 1.72 lakh crore as GST. The Finance Ministry has shared the latest figures of GST collection on Friday.
Collection increased due to higher revenue from domestic transactions
This increase in GST collection is due to more revenue from domestic transactions. According to official data released on Friday, in the month of October, Central GST collection was Rs 33,821 crore, State GST collection was Rs 41,864 crore, Integrated GST was Rs 99,111 crore and Cess was Rs 12,550 crore.
GST collection increased by 10.6 percent from domestic transactions
Gross GST revenue increased by 8.9 percent to more than Rs 1.87 lakh crore in October 2024. GST collection in the same period a year ago i.e. October 2023 was Rs 1.72 lakh crore. The data showed that GST collection from domestic transactions increased by 10.6 per cent to Rs 1.42 lakh crore. During this period, tax on imports increased by almost four percent to Rs 45,096 crore during October, 2024.
18.2 percent more refunds issued this time compared to last October
A total refund of Rs 19,306 crore was also issued in October 2024, which is 18.2 percent more than the month of October last year. After adjusting for refunds, net GST collection increased by eight percent to more than Rs 1.68 lakh crore. Let us tell you that these GST related figures are a good sign for the country’s fiscal health and efforts being made for economic reforms, which indicate flexibility amid global uncertainties.
