In the country, goods and services tax (GST) collections in last October amounted to Rs. 2.31 lakh crore.
After an unprecedented GST collection of Rs. 2.43 lakh crore in April, October recorded the second-highest revenue.
GST revenue has increased due to higher domestic demand ahead of the festive season. Compared with the same month in the previous financial year, GST collections have now risen by 23 percent.
According to data from the Union Finance Ministry, GST revenue in last October stood at Rs. 2,31,290 crore. Of this, GST revenue from domestic sales increased by 16 percent to Rs. 1.59 lakh crore. GST revenue from imports increased by 42 percent to Rs. 72,246 crore.
Of the total revenue, Central GST was Rs. 42,935 crore, State GST was Rs. 51,340 crore, and Integrated GST was Rs. 1.37 lakh crore. The amount of GST refunded increased by 6.5 percent to Rs. 27,934 crore. Net GST revenue after deducting this amount stood at Rs. 2.03 crore. This is an increase of 26 percent.
So far in the current financial year..: During the April-October period of the current financial year, total GST revenue increased by 13.2 percent to Rs. 14.77 lakh crore. Net GST rose by 13 percent to Rs. 12.69 lakh crore.
The highest-ever GST revenue since GST was implemented in 2017 was collected in April at Rs. 2.43 lakh crore. The second-highest collection was in October at Rs. 2.31 lakh crore.
Rs. 2.03 lakh crore was collected in September and Rs. 2.11 lakh crore in July. This is the fourth time in the current financial year that GST collections have crossed Rs. 2 lakh crore.
Economic resilience: On this, sector experts said, “GST revenue has increased due to higher domestic demand during the festive season. Despite ongoing global challenges, the rise in GST revenue in the country reflects economic resilience. Since it is currently the festive season, GST revenue is expected to strengthen in the coming months.
Even after the bold GST rate cuts implemented last year, GST revenue has been steadily increasing. This has given policymakers confidence to introduce further reforms that are favorable to consumers and traders,” they said.
Earlier, the 57th GST Council meeting was held on Oct. 8 under the chairmanship of Union Finance Minister Nirmala Sitharaman. The new reforms adopted in it (including a procedure for small traders to register easily on online trading platforms and faster refunds) came into effect from Sunday (Nov. 1).
