GST collection increased by 9 percent in October and crossed Rs 1.87 lakh crore.

New Delhi, 01 November (Hindustan Reporter). There is good news on the economy front. Goods and Services Tax (GST) revenue collections increased by 9 per cent year-on-year to more than Rs 1.87 lakh crore in October. GST revenue collection in the same period last year was Rs 1.72 lakh crore. GST revenue collection has increased due to more revenue from domestic transactions.

The Directorate General of GST said in the data released on Friday that GST revenue collection in October reached Rs 1,87,346 crore (Rs 1.87 lakh crore). GST revenue collection in the same period last year was Rs 1.72 lakh crore. In this way, GST revenue collection has increased by 8.9 percent. This increase in GST revenue collection is mainly due to increase in income from domestic transactions.

According to the data, out of the October GST revenue collection of Rs 1,87,346 crore, the collection of Central GST was Rs 33,821 crore, State GST was Rs 41,864 crore, Integrated GST was Rs 99,111 crore and Cess was Rs 12,550 crore. GST revenue collection from domestic transactions increased by 10.6 percent to Rs 1.42 lakh crore. Tax on imports increased by nearly four percent to Rs 45,096 crore during October 2024. During this period, refund of Rs 19,306 crore has also been given, which is 18.2 percent more than last year. According to the data, after including refunds, net GST revenue collection has increased by 8 percent to more than Rs 1.68 lakh crore.