GST Collection in October: The government is earning a huge amount from Goods and Services Tax (GST). Gross revenue collection increased by 9 percent to Rs 1.87 lakh crore in the last month. GST collection has increased due to more revenue from domestic transactions. 

According to official data released on Friday, Central GST collection in the month of October was Rs 33,821 crore, State GST Rs 41,864 crore, Integrated GST Rs 99,111 crore, and Cess Rs 12,550 crore. Last month, the total gross GST revenue grew by 8.9 percent to more than Rs 1.87 lakh crore. GST collection in the same period a year ago was Rs 1.72 lakh crore. 

GST collection from domestic transactions rises by more than 10 percent

Data shows that GST collection from domestic transactions grew by 10.6 percent to Rs 1.42 lakh crore. Meanwhile, tax on imports grew by nearly four percent to Rs 45,096 crore during October 2024.

Refunds worth Rs 19,306 crore were issued in October, which is 18.2 percent more than the same period last year. Net GST collection after adjusting for refunds grew by eight percent to over Rs 1.68 lakh crore.

Good news for the country's economy

Goods and Services Tax was implemented in the country on 1 July 2017. The recent increase in GST collection reflects a positive trajectory for the country's economy. It underlines strong domestic consumption and brisk purchasing activity in the country. Also, these figures are a good sign for the country's financial health and economic reform efforts indicating resilience amid global uncertainties.