At Rs 1.87 lakh crore, October GST collection second highest
Robust domestic transaction pushed Goods and Services Tax (GST) collection in October to over Rs 1.87 lakh crore, the second highest ever, registering a year-on-year growth of 9 per cent. The GST from domestic transactions grew 10.6 per cent to Rs 1.42 lakh crore, while revenues from tax on imports rose about 4 per cent to Rs 45,096 crore.
The collections were up 8.1 per cent from September and saw an 8.9 per cent increase year-on-year, rising from Rs 1.72 lakh crore.
According to the data, October recorded the second-best GST mop-up. The highest ever collection was in April at over Rs 2.10 lakh crore.
From April to October, gross GST collections on a year-to-date basis reached Rs 12.74 lakh crore, marking a 9.4 per cent increase compared to Rs 11.64 lakh crore during the same period last year.
“The year to date net GST collection growth at 9 per cent is much lower than the budgeted GST growth of around 11 per cent, which was aligned more or less to the nominal GDP growth too. Further, standing at 7.9 per cent, the month-to-date GST revenue growth is much lesser. This reflects that the economic activity in India needs a push,” said Vivek Jalan of a multidisciplinary consulting firm.
