Robust GST Collection Reflects Economic Buoyancy Amid Festive Sales
Gross GST collections in October soared 9% to exceed Rs 1.87 lakh crore, driven by increased domestic sales and compliance. While domestic GST rose 10.6%, import tax revenues increased by 4%. Experts suggest a cooling off despite robust festive sales. The long-term forecast remains optimistic.
- Country:
- India
Gross GST collection in October registered a 9% increase, reaching over Rs 1.87 lakh crore, making it the second-highest collection ever recorded, fueled by heightened domestic sales and improved compliance.
The breakdown of the collections reveals Rs 33,821 crore from Central GST, State GST at Rs 41,864 crore, Integrated IGST at Rs 99,111 crore, and cess accounting for Rs 12,550 crore. Government data released Friday highlights an overall 8.9% growth in gross Goods and Services Tax revenue, reaching Rs 1.87 lakh crore, compared to Rs 1.72 lakh crore a year ago.
Comments from leading industry experts suggest the robust figures stem from festive season sales, despite a single-digit growth hinting at a possible consumer spending slowdown. Yet, the long-term outlook remains positive, buoyed by an expanding consumer base and pro-growth government policies.
(With inputs from agencies.)
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