GST Collection Soars to Rs 1.87 Lakh Crore with Domestic Gains

In October 2024, gross GST collection increased by 9% to over Rs 1.87 lakh crore, driven by higher domestic transaction revenues. The Central, State, and Integrated GST contributed significantly. A total of Rs 19,306 crore in refunds was issued, resulting in a net collection growth of 8% at over Rs 1.68 lakh crore.

The Gross GST collection showed a 9% increase, reaching over Rs 1.87 lakh crore in October, primarily due to higher domestic transaction revenues.

Breaking down the collection, Central GST contributed Rs 33,821 crore, State GST Rs 41,864 crore, Integrated IGST Rs 99,111 crore, and cess Rs 12,550 crore, indicating a robust fiscal performance.

Net GST collection, after adjusting Rs 19,306 crore in refunds, exhibited an 8% growth to over Rs 1.68 lakh crore, underscoring steady economic momentum within the country.

(With inputs from agencies.)