GST collection increased by 9 percent in October!
Due to the green season, there has been a strong jump in GST collection in october 2024. Goods and services Tax collection in october was Rs 1,87,346 crore, which is 8.9 percent more than Rs 1.72 lakh crore in the month of october last financial year. GST collection was Rs 1.73 lakh crore in september 2024. After the release of GST refunds, the total collection in the month of october has been Rs 1,68,041 crore with a jump of 8 percent.
The data of gross and net collection of Goods and services for the month of october has been released. The total GST revenue in this month has been Rs 1.87,346 crore. In which CGST revenue is Rs 33,821 crore, SGST revenue is Rs 41,864 crore, IGST is Rs 54,878 crore and cess is Rs 11,688 crore. Gross domestic revenue has seen a jump of 10.6 percent. On the import front, revenue of Rs 44,233 crore has come from IGST and Rs 862 crore from cess.
Total GST collection has been Rs 1,87,346 crore in which GST refund of Rs 19,306 crore has been issued. In the month of october of the last financial year, a refund of Rs 16,335 crore was issued. That is, there has been an increase of 18.2 percent in giving refund in this month of October. Till october of the current financial year, GST collection has been Rs 12,74,442 crore, which is 9.4 percent more than Rs 11,64,511 crore of the previous financial year.
If we look at the state-wise GST revenue, the highest GST collection has been seen in Maharashtra. With a jump of 14 percent, the revenue has come to Rs 31,030 crore, which was Rs 27,309 crore in the same month last year. Rs 9602 crore has been recovered in Uttar Pradesh, Rs 13,081 crore in Karnataka, Rs 11,407 crore in Gujarat, Rs 10045 crore in Haryana. Collection has increased in all these states this October. However, collection has decreased by 2 percent in Himachal Pradesh, 5 percent in Manipur, 1 percent in Chhattisgarh.