November 02, 2024 01:14 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Indian troops begin patrolling in Ladakh's Demchok after border disengagement with China completes | Karnataka guarantee model is a model for the entire country: DK Shivakumar after Kharge's rap over Shakti scheme remark | Kamala Harris and Joe Biden ignored Hindus: Donald Trump condemns attack on minorities in Bangladesh | We will strengthen great partnership with India and 'good friend' Modi: Donald Trump | Devender Singh Rana, BJP MLA from Jammu and Kashmir's Nagrota, passes away
GST collection hits six-month high at Rs 1.87 lakh crore, up 8.9% in Oct
GST
Photo Courtesy: Representational image from Wallpaper Cave

GST collection hits six-month high at Rs 1.87 lakh crore, up 8.9% in Oct

| @indiablooms | 01 Nov 2024, 06:09 pm

New Delhi/IBNS: Goods and Services Tax (GST) collections reached a six-month peak of Rs 1.87 lakh crore in October, surpassing the Rs 1.7 lakh crore mark for the eighth straight month, according to data released on Friday (Nov. 1).

This figure represents an 8.1 percent increase over the previous month and an 8.9 percent rise compared to October 2023’s Rs 1.72 lakh crore, boosted by festive season spending.

However, October’s collections fell short of the April peak of Rs 2.1 lakh crore.

The increase in GST revenue signals an economic rebound from the previous two months when collections had declined.

In September, GST revenue growth slowed to 6.5 percent, the lowest since the Covid-19 period.

Average monthly GST collections dropped to Rs 1.77 lakh crore in the second quarter, down from Rs 1.86 lakh crore in the first quarter of FY25.

Domestic GST revenue grew at a faster pace of 10.6 percent, while import revenue growth was more subdued at 3.9 percent.

Domestic refunds rose significantly by 42.8 percent, reaching Rs 10,498 crore, up from Rs 7,352 crore, while total refunds increased by 18.2 percent to Rs 19,306 crore.

Overall, net GST revenue grew by 7.9 percent, with domestic revenue rising 8.7 percent.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.