GST collections rise 9% to Rs 1.87 lakh crore in October

Goods and Services Tax (GST) collections in October, in gross terms, stood at Rs 1.87 lakh crore, an annual jump of 8.9 per cent, according to Finance Ministry data released on Friday.

The total collection in October 2023 was Rs 1.72 lakh crore.

Official data made available today shows that CGST, SGST, IGST and cess all increased year-on-year in October.

Total GST collections so far in 2024 have increased by 9.4 percent to Rs 12.74 lakh crore, while Rs 11.64 lakh crore was collected in the same period of 2023.

In April this year, total GST collections rose to a record high of Rs 2.10 lakh crore.

The total gross GST collection during the financial year 2023-24 was recorded at Rs 20.18 lakh crore, an increase of 11.7 per cent over the previous financial year.

The average monthly collections for the financial year ending March 2024 stood at Rs 1.68 lakh crore, higher than the previous year’s average of Rs 1.5 lakh crore.

The recent growth in GST collections reflects a positive trajectory for India’s economy, underpinned by strong domestic consumption and intense import activity. These figures bode well for the country’s financial health and economic recovery efforts, indicating resilience amid global uncertainties.

The Goods and Services Tax was implemented in the country from July 1, 2017, and states were assured compensation for any loss of revenue arising due to the implementation of GST as per the provisions of the GST (Compensation to States) Act. Was. 2017 for five years.

Hair oil, toothpaste, soap; Detergent and washing powder; wheat; Rice; Curd, lassi, buttermilk; wrist watches; TV up to 32 inches; refrigerator; Washing machines, mobile phones, are among the major items on which GST rates have been significantly reduced, or kept at zero for some, which has benefited the people of this country.

The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all states as members, has played its role in the platform.