New Delhi: The country’s total GST collection in October rose by 23 percent to Rs. 2.31 lakh crore. GST collection from domestic sales increased by 16 percent to Rs. 1.59 lakh crore, while revenue from imports rose by 42 percent to Rs. 72,246 crore.
After an unprecedented GST collection of Rs. 2.43 lakh crore in April, October recorded the second-highest revenue.
According to government data released by the Finance Ministry on Sunday, strong revenue from domestic transactions and imports pushed total GST collections in October up by 23 percent to over Rs. 2.31 lakh crore. This was Rs. 2,31,290 crore in October last year.
Total GST collections from domestic sales rose 16 percent to Rs. 1.59 lakh crore, while revenue from imports increased 42 percent to Rs. 72,246 crore.
Of the total revenue collection of Rs. 2.31 lakh crore, Central GST accounted for Rs. 42,935 crore, State GST for Rs. 51,340 crore, and Integrated GST for over Rs. 1.37 lakh crore, the data showed.
In October, goods and services tax refunds rose by 6.5 percent compared with the previous year, to Rs. 27,934 crore. After adjusting for the amounts refunded, net GST collections in October increased by 26 percent to Rs. 2.03 lakh crore.
During the period from April to October of the current financial year, gross GST collections increased by 13.2 percent to Rs. 14.77 lakh crore, and net collections rose by 13 percent to Rs. 12.69 lakh crore.
Since the implementation of GST in 2017, the highest-ever GST revenue of Rs 2.43 lakh crore was collected last April. The second-highest collection was Rs 2.31 lakh crore in October.
Last September, Rs 2.03 lakh crore was collected, and last July, Rs 2.11 lakh crore was collected. In the current financial year, GST collections have crossed Rs 2 lakh crore for the fourth time.
