NEW DELHI: Goods and Services Tax (GST) collections in October, in gross terms, were Rs 1.87 lakh crore, an 8.9 percent increase from the previous year, according to data from the finance ministry released on Friday. In October 2023, the collection was Rs 1.72 lakh crore.
The data showed a year-on-year rise in Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess. From January to October 2024, GST collections totaled Rs 12.74 lakh crore, up 9.4 percent compared to Rs 11.64 lakh crore in the same period of 2023.
In April 2024, GST collections reached a record high of Rs 2.10 lakh crore. The total gross GST for the fiscal year 2023-24 was Rs 20.18 lakh crore, an increase of 11.7 percent from the previous fiscal year.
The average monthly collection for this fiscal year was Rs 1.68 lakh crore, higher than the Rs 1.5 lakh crore average of the previous year.
The increase in GST collections indicates strong domestic consumption and active import activity in India, contributing positively to the nation’s fiscal health and economic recovery.
GST was introduced in India on July 1, 2017. States were assured compensation for any revenue loss due to GST implementation as per the GST (Compensation to States) Act, 2017, for five years.
Important items like hair oil, toothpaste, soap, detergents, wheat, and rice have seen substantial GST rate cuts or zero rates, benefiting consumers.
The GST Council, which includes the Union finance minister as chairman and state finance ministers as members, plays a crucial role in GST regulation.