The gross Goods and Services Tax (GST) revenues in India had a resurgence in October, with tax receipts reaching ₹1.72 lakh crores, the second-highest monthly total, a 13.4% increase.
The revenue increase in October is the biggest yearly increase since December 2022. The rise in indirect tax revenue has slowed to 10.2% in September, a 27-month low. Imports of services and domestic transactions increased October’s kitty by 13%. The increase in income from imports of products was not disclosed by the Finance Ministry.
GST Indemnity Cess revenue from the tax, which will remain in place until at least March 2026, reached a new high of ₹12,456 crores in October, surpassing the previous high of ₹12,025 crores collected in April of this year.
Only April 2023 will surpass October 2023’s record-breaking GST income collection. Domestic transaction revenue, which includes service imports, has increased by 13% over the previous year. The finance ministry released a statement saying, “Average gross monthly GST collection in FY 2023–24 is currently at Rs 1.66 lakh crore, which is 11% higher year over year.”
The October GST receipts, at Rs 1.72 lakh crore, are 5.71 percent more than the September collections. The back-of-the-envelope calculations show that the 13.9% increase in GST levied on goods imports in October was greater than the rise from domestic transactions.
