GST Collections Surge by 8.9% in October, Reflecting India's Economic Resilience

India's October GST collections rose to Rs 1.87 lakh crore, an 8.9% increase from the previous year, indicating strong economic recovery. Total GST collections for 2024 are up 9.4% from 2023, showcasing robust consumer spending and import activity.

The Goods and Services Tax (GST) collections for October witnessed a notable surge, reaching Rs 1.87 lakh crore, marking an 8.9% increase compared to the same month last year, according to the latest data released by the finance ministry. In October 2023, the collection was Rs 1.72 lakh crore.

The figures released highlight year-on-year growth across all segments including CGST, SGST, IGST, and cess. So far in 2024, total GST collections have increased by 9.4%, totaling Rs 12.74 lakh crore, up from the Rs 11.64 lakh crore accumulated during the corresponding period in 2023. April saw a record high GST mop-up of Rs 2.10 lakh crore.

For the fiscal year ending March 2024, the average monthly GST collection reached Rs 1.68 lakh crore, surpassing the previous fiscal's average of Rs 1.5 lakh crore. This upward trend indicates a positive trajectory for India's economy, driven by vigorous domestic consumption and robust import activity, which are seen as signals of economic resilience amid global uncertainties.

(With inputs from agencies.)