October Gross GST Collections Reach ₹1.72 Lakh Crore
In October, India witnessed a significant rebound in its Gross Goods and Services Tax (GST) collections, reaching a 10-month high of ₹1.72 lakh crore. This growth of 13.4% year-on-year is the sharpest uptick since December 2022, reversing a three-month trend of deceleration. Several factors contributed to this impressive recovery, including increased domestic transactions, higher services imports, and robust GST levies on goods imports.
Domestic Transactions and Services Imports: The uptick in October’s revenues was driven by a 13% increase in domestic transactions and services imports.
GST Compensation Cess Collections: Collections from GST Compensation Cess, which includes levies on goods imports, reached a record high of ₹12,456 crore in October, surpassing the previous highest collection received in April.
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