GST Collection Hits Rs 1.87 Lakh Crore in October, Second-Highest Ever Boosted by Domestic Sales

India’s GST collections for October 2024 reached ₹1.87 lakh crore, marking the second-highest monthly collection since the GST regime’s inception in July 2017. This 8.9% year-on-year increase was driven primarily by domestic sales, which saw a 10.6% rise, while GST from imports grew by 3.9%. The total gross GST revenue for the year-to-date stands at ₹12.74 lakh crore, reflecting a 9.4% increase over the previous year. Key contributors to this growth include effective tax administration and robust economic activities within India. States like Gujarat and Maharashtra led the growth with substantial collections, while some northeastern states experienced declines. The increase in refunds, particularly domestic refunds, also played a significant role, with a 42.8% surge in October. Despite the positive trend, challenges remain, such as the slower growth in import revenue and varied regional economic trends. The government’s efforts to curb GST evasion and enhance compliance are expected to sustain revenue growth.