An Indian shopper items dealer reveals letters GST representing “Goods and Services Tax” (GST)at his store in Hyderabad on August 3, 2016. Growth in India’s gross Goods and Services Tax (GST) revenues bounced again in October with tax collections rising 13.4% to the second-highest month-to-month tally of ₹1.72 lakh crore.
| Photo Credit: AFP
Growth in India’s gross Goods and Services Tax (GST) revenues bounced again in October with tax collections rising 13.4% to the second-highest month-to-month tally of ₹1.72 lakh crore.
October’s income development marks the sharpest year-on-year uptick since December 2022. In September, the expansion in the oblique tax collections had slowed to a 27-month low of 10.2%. Domestic transactions and providers imports yielded a 13% uptick in October’s kitty. The Finance Ministry didn’t disclose the income development from items imports.
GST Compensation Cess collections hit a document excessive of ₹12,456 crore in October, surging previous the earlier excessive of ₹12,025 crore collected in April this yr from the levy that can persist until at the very least March 2026.
Back-of-the-envelope calculations by The Hindu point out that GST levies on imports of products rose 13.9% in October, which is quicker than the expansion from home transactions.
The highest-ever income from GST was recorded in April 2023 at ₹1.87 lakh crore.
The common gross month-to-month GST assortment in the FY 2023-24 now stands at ₹1.66 lakh crore, 11% larger than the year-ago interval.
With inputs from PTI.
