Data Alert
India's Oct GST mop-up at six-month high of INR 1.87 tln, up 9% YoY
This story was originally published at 16:42 IST on 1 November 2024
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--India Oct total GST mop-up INR 1.873 tln, up 8.9% on year
--India Oct Central GST collections INR 338 bln
--India Oct State GST collections INR 419 bln
--India Oct Integrated GST collections INR 991 bln
--India Oct GST cess collections INR 126 bln
NEW DELHI – India's goods and services tax collections grew 8.9% on year to INR 1.873 trillion in October, government data released Friday showed. GST collections were at a six-month high in October, and were also the second highest ever, behind only April's mop-up of INR 2.103 trillion.
GST collections in October were likely driven by spending during festivals. GST collections had grown 6.5% on year to INR 1.732 trillion in September.
Of the total collections last month, INR 338 billion was from Central GST, INR 419 billion from State GST, INR 991 billion from Integrated GST, and INR 126 billion from compensation cess. GST revenue, net of refunds, was INR 1.680 trillion in October, up 7.9% on year.
The gross domestic GST revenue rose 10.6% on year to INR 1.423 trillion in October, while the import revenue was up 3.9% at INR 451 billion. Total refunds were up 18.2% on year at INR 193 billion in October.
In Apr-Oct, GST collections were up 9.4% on year at INR 12.744 trillion. The post-settlement revenues of states rose 12% on year to INR 5.552 trillion in Apr-Oct. End
Reported by Shubham Rana
Edited by Ashish Shirke
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