Gross GST collections rise 23 per cent to over Rs 2.31 lakh crore
Domestic sales and import revenues drove the increase in October collections, according to government data released on Sunday.
Gross Goods and Services Tax (GST) collections in October grew by 23 per cent to exceed Rs 2.31 lakh crore, according to government data released on Sunday, as reported by ThePrint.
The increase was supported by domestic activities and imports. Revenue from domestic sales rose 16 per cent to more than Rs 1.59 lakh crore, while import revenues climbed 42 per cent to Rs 72,246 crore.
The total collection comprised over Rs 1.37 lakh crore in Integrated GST, Rs 51,340 crore in State GST, and Rs 42,935 crore in Central GST.
GST refunds saw a year-on-year rise of 6.5 per cent, reaching Rs 27,934 crore during the month. Once these refunds were deducted, net GST collections increased 26 per cent to over Rs 2.03 lakh crore.
For the period of April to October, gross GST collections grew 13.2 per cent to more than Rs 14.77 lakh crore. Net collections for the same period rose 13 per cent to over Rs 12.69 lakh crore.