New Delhi, 01 November: There is good news on the economy front as the Goods and Services Tax (GST) revenue collection has increased by 9 percent year-on-year to more than Rs 1.87 lakh crore in October. GST revenue collection was Rs 1.72 lakh crore in the same period last year. GST revenue collection has increased due to more revenue from domestic transactions.
In the data released on Friday, the Directorate General of GST said that GST revenue collection reached Rs 1,87,346 crore (Rs 1.87 lakh crore) in October. GST revenue collection was Rs 1.72 lakh crore in the same period last year. In this way, GST revenue collection has increased by 8.9 percent. This increase in GST revenue collection is mainly due to increase in income from domestic transactions.
According to the data, in the GST revenue collection of Rs 1,87,346 crore in October, the collection of Central GST was Rs 33,821 crore, State GST Rs 41,864 crore, Integrated GST Rs 99,111 crore and cess Rs 12,550 crore. GST revenue collection from domestic transactions increased by 10.6 percent to Rs 1.42 lakh crore. Tax on imports increased by about four percent to Rs 45,096 crore during October 2024. During this period, a refund of Rs 19,306 crore has also been given, which is 18.2 percent more than last year.
According to the data, after including the refund, the net GST revenue collection has increased by 8 percent to more than Rs 1.68 lakh crore.
