October GST collections rise 9% to Rs 1.87 L cr

In October 2023, India's Goods and Services Tax (GST) collections reached an impressive Rs 1.87 lakh crore, marking an 8.9 percent increase from the Rs 1.72 lakh crore collected in the same month the previous year.

- TBG NETWORK

This data was recently released by the finance ministry and indicates a consistent upward trend in GST revenues, which is significant for the country's fiscal health.

The increase in GST collections encompasses all components of the tax, including Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST), and cess, which have all shown year-on-year growth.

The figures for the fiscal year 2024 thus far highlight a robust performance in GST collections. To date, the total GST collection stands at Rs 12.74 lakh crore, reflecting a 9.4 percent increase compared to Rs 11.64 lakh crore collected in the corresponding period of 2023. April 2023 witnessed an exceptional surge in collections, reaching a record high of Rs 2.10 lakh crore, showcasing the strength of India's economic rebound post-pandemic.