In October 2024, India’s Goods and Services Tax (GST) collections reached a six-month high of US$ 22.28 billion (Rs. 1.87 trillion), marking an 8.1% increase from September and an 8.9% rise YoY from US$ 20.49 billion (Rs. 1.72 trillion). This sustained growth keeps monthly collections above the US$ 20.25 billion (Rs. 1.7 trillion) threshold for the eighth consecutive month, indicating stronger economic performance. Year-to-date gross GST collections from April to October 2024 amounted to US$ 151.48 billion (Rs. 12.74 trillion), a 9.4% increase compared to the previous year’s US$ 138.65 billion (Rs. 11.64 trillion). October’s net GST revenue, after refunds, stood at US$ 20 billion (Rs.1.68 trillion), showing a 7.9% growth from US$ 18.48 billion (Rs. 1.55 trillion) in October 2023.
Revenue growth varied significantly across regions, with Ladakh recording the highest growth at 30%, followed by Kerala at 20% and Haryana at 15%, while Arunachal Pradesh and the ‘Other Territory’ category saw declines of 33% and 37%, respectively. Notably, September’s GST growth rate was the lowest since the Covid period at 6.5%, and the average monthly collections decelerated, with US$ 21.08 billion (Rs.1.77 trillion) in the second quarter compared to US$ 22.16 billion (Rs. 1.86 trillion) in the first quarter of FY25. August’s GST mop-up was US$ 20.85 billion (Rs. 1.75 trillion), with gross domestic revenue rising 5.9% to US$ 15.13 billion (Rs. 1.27 trillion) and revenue from goods imports increasing 8% to US$ 5.41 billion (Rs. 45,390 crore), while refunds issued grew 31% YoY to US$ 2.43 billion (Rs. 20,458 crore).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.