Goods and Services Tax (GST) collection in October hit a six-month high of Rs 1.87 trillion, according to government data released on November 1, remaining above the Rs 1.7 trillion mark for the eighth consecutive month. Collections grew by 8.1 percent from the previous month and experienced a year-on-year growth of 8.9 percent, reaching Rp 1.72 trillion.
From April to October 2024, the year-on-year gross GST collection reached Rs 12.74 trillion, showing a growth of 9.4 percent compared to Rs 11.64 trillion in the same period last year. After refunds, net GST revenue for October 2024 was Rs 1.68 trillion, representing an increase of 7.9 percent from Rs 1.55 trillion in October 2023.
The increase in GST revenue reflects stronger economic performance compared to recent months when collections had declined. However, September’s GST revenue growth rate was the lowest since the Covid period, at 6.5 per cent. Average monthly GST collections also saw a decline, standing at Rs 1.77 trillion in Q2FY25 compared to Rs 1.86 trillion in Q1FY25.
Revenue collection varied significantly across states, with Ladakh recording the highest growth rate of 30 per cent, followed by Kerala at 20 per cent and Haryana at 15 per cent. On the contrary, Arunachal Pradesh and the ‘other areas’ category recorded a decline of 33 per cent and 37 per cent respectively.
GST collection in August 2024 amounted to Rs 1.75 trillion. Gross domestic revenue rose 5.9 percent to about 1.27 trillion rupees, while revenue from imports of goods rose 8 percent to 45.39 billion rupees. The amount of refunds issued in August was Rs 20,458 crore, up 31 percent from a year earlier.
