GST collections in October hits 6-month high of ₹1.87L crore
India's Goods and Services Tax (GST) collections for October 2024 have hit a six-month high of ₹1.87 lakh crore, an annual growth of 8.9%. The amount exceeds the total collection of the same month last year, which was ₹1.72 lakh crore according to data released by the Finance Ministry on Friday. Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess all saw a year-on-year rise in October.
2024's total GST collection shows significant growth
The overall GST collection for 2024 so far has also witnessed a significant increase of 9.4% at ₹12.74 lakh crore. This is greater than the ₹11.64 lakh crore collected during the corresponding period in 2023. In April alone, the GST collection hit a record high of ₹2.10 lakh crore, further underscoring the upward trajectory of India's tax collections this year.
FY2023-24 recorded highest GST collection
The fiscal year 2023-24 saw the highest total gross GST collection at ₹20.18 lakh crore, up 11.7% from the previous fiscal year. The average monthly collection for this fiscal year, which ended in March 2024, stood at ₹1.68 lakh crore. This exceeds the previous year's average of ₹1.5 lakh crore.
GST collections indicate robust economic activity
The recent surge in GST collections reflects strong domestic consumption and active imports in India. These numbers are promising for the country's fiscal health and economic recovery efforts, showing resilience amid global uncertainties. The GST came into force in India from July 1, 2017, with states assured compensation for any revenue loss due to GST implementation under the GST (Compensation to States) Act, 2017 for five years.
