Goods and Services Tax (GST) collections in October totaled Rs 1.87 lakh crore, reflecting a yearly increase of 8.9 percent, according to data released by the finance ministry on Friday. In October 2023, the total collection amounted to Rs 1.72 lakh crore. CGST, SGST, IGST, and cess all saw year-on-year increases in October, as indicated by the official data released today.
So far in 2024, the total GST collection has increased by 9.4 percent, reaching Rs 12.74 lakh crore, compared to Rs 11.64 lakh crore collected during the same period in 2023. In April of this year, the total GST mop-up surged to a record high of Rs 2.10 lakh crore.
During the financial year 2023-24, the total gross GST collection was recorded at Rs 20.18 lakh crore, representing an 11.7 percent increase compared to the previous fiscal year. The average monthly collection for the fiscal year that ended in March 2024 stood at Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore.
The surge in recent GST collections reflects a positive trajectory for India’s economy, underscoring robust domestic consumption and buoyant import activity. These figures bode well for the country’s fiscal health and economic recovery efforts, signaling resilience amidst global uncertainties.
The Goods and Services Tax was introduced in the country on July 1, 2017, and states were assured compensation for any revenue loss arising from the implementation of GST, as stipulated in the GST (Compensation to States) Act, 2017, for five years.
Hair oil, toothpaste, soap, detergents, washing powder, wheat, rice, curd, lassi, buttermilk, wristwatches, TVs up to 32 inches, refrigerators, washing machines, and mobile phones are among the key items on which GST rates have been significantly reduced or set to zero, benefiting consumers across the country.
The GST Council, a federal body comprising the Union Finance Minister as its Chairman and the Finance Ministers of all states as members, has played a crucial role in these decisions.
(ANI)