India's GST Revenue reached ₹1.87 lakh crore in October, representing the second-highest monthly GST collection on record. This growth highlights the strength and resilience of India’s economy, even as global uncertainties persist. The October GST collection saw an 8.9% increase compared to last year.
MS Mani, a tax partner noted that GST collections from domestic supplies grew by 10.5% for October and cumulatively for FY24, suggesting robust and steady domestic demand throughout the fiscal year. Meanwhile, revenue from import-related taxes increased by around 4%, reaching ₹45,096 crore.
Last month, the net GST revenue reached ₹1.68 lakh crore, marking a 7.9% increase compared to October 2023. This rise was partly due to a notable uptick in GST refund processing. However, experts advise caution in the near term, as recent global developments could impact domestic demand, although the long-term outlook for tax collections remains strong.
In October, the government collected ₹33,821 crore in central GST, while SGST Revenue amounted to ₹41,864 crore. Integrated GST (IGST) collections were ₹99,111 crore, and the cess collected stood at ₹12,550 crore.
India's October GST revenue milestone reflects robust economic momentum and underscores the country's resilience amid global uncertainties. As domestic demand remains steady and tax collections strengthen, India’s fiscal outlook continues to inspire confidence, setting a positive tone for sustained economic growth.
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