SME Times is powered by   
Search News
Just in:   • GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October  • India ties: Trump has track of engagements, Harris's record sparse littered with Kashmir statement  • Delhi's air quality plummets to 'very poor' category  • Mahindra Auto records highest ever SUV sales in Oct, overall auto growth up 20 pc  • Investors' wealth surges by Rs 128 lakh cr in Samvat 2080, Gold gives 32 pc return 
Last updated: 01 Nov, 2024  

gst1.jpg GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October

gst1.jpg
   Top Stories
» GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
» Mahindra Auto records highest ever SUV sales in Oct, overall auto growth up 20 pc
» Investors' wealth surges by Rs 128 lakh cr in Samvat 2080, Gold gives 32 pc return
» Apple sets all-time revenue record in India, to open 4 new retail stores: Tim Cook
» Online shopping up in S. Korea in Sept over strong food delivery demand
IANS | 01 Nov, 2024

The goods and services tax (GST) collections stood at Rs 1.87 lakh crore in October, an 8.9 per cent rise from Rs 1.72 lakh crore in GST revenue in the same month last year, government data showed on Friday. 

It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.

According to the official data, CGST, SGST, IGST, and cess all increased in the last month. In October, Rs 33,821 crore was collected as Central GST (CGST) while State GST (SGST) collection stood at Rs 41,864 crore. The government also collected Integrated GST (IGST) at Rs 99,111 crore and cess amounting to Rs 12,550 crore.

For the first seven months of this fiscal, collections were up 9.4 per cent at Rs 12.74 lakh crore, as against Rs 11.64 lakh crore mopped up in the corresponding period of 2023.

The gross GST revenues from domestic transactions grew 10.6 per cent to about Rs 1.42 lakh crore, as revenues from import of goods were up 4 per cent to Rs 45,096 crore compared to the previous year’s figures.

Refunds worth Rs 19,306 crore were issued by govt during the month, registering 18.2 per cent growth compared to the same period last year. After adjusting refunds, net GST revenue collection increased 8 per cent at over Rs 1.68 lakh crore.

A rise in GST collection indicates a better economic condition than the previous two months when collections declined. At 6.5 per cent in September, the growth in the GST revenues was the lowest since the pandemic period. The average GST revenue for the September quarter of FY 25 has reduced to Rs 1.77 lakh crore monthly. It was Rs 1.86 lakh crore monthly in the June quarter of FY 25.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Will the new MSME credit assessment model simplify financing?
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter