October GST collection rises 23 percent to reach ₹2.31 lakh crore

During the month of October in India, a 23 percent increase has been recorded in the total collection of Goods and Services Tax (GST). According to government data, this collection has increased to over ₹2.31 lakh crore. Strong revenue from domestic activities and imports is considered the main reason behind this increase.

According to a Business Standard report, GST collection from domestic sales increased by 16 percent to over ₹1.59 lakh crore. Along with this, a major surge of 42 percent was seen in revenue from imports, which reached ₹72,246 crore. According to a Times of India report, imports increased by 42.2 percent, which has played an important part in increasing tax revenue.

This total collection of ₹2.31 lakh crore in October includes various components. These include ₹42,935 crore of Central GST (CGST), ₹51,340 crore of State GST (SGST) and over ₹1.37 lakh crore of Integrated GST (IGST). This increase reflects improved compliance with tax rules across the country and a strong economy.

Talking about refund figures, GST refunds in the month of October increased by 6.5 percent compared to last year, standing at ₹27,934 crore. If these refund figures are deducted, the net GST collection for the month of October has increased by 26 percent to over ₹2.03 lakh crore.

The figures for the first six months of the year are also significant. During the period from April to October, the total GST collection increased by 13.2 percent to over ₹14.77 lakh crore. During the same period, the net collection after deducting refunds was recorded at over ₹12.69 lakh crore with an increase of 13 percent. A significant growth in this collection has been witnessed due to the positive contribution of major states.