GST collections hit ₹2.3L crore in October, up 22.9% YoY
What's the story
India's gross Goods and Services Tax (GST) collection for October stood at ₹2.31 lakh crore, a whopping 22.9% increase from the same month last year, official data released on November 1 showed. The total GST revenue collected from April to October this fiscal year reached ₹14.78 lakh crore, marking a year-on-year (YoY) growth of 13.2%.
Collection details
Key numbers from October's GST collections
In October, the Central GST (CGST) stood at ₹42,935 crore, while the State GST (SGST) was ₹51,340 crore.
The Integrated GST (IGST) was ₹1.37 lakh crore for the month.
Domestic revenue increased by 15.8% to ₹1.59 lakh crore in October while import revenue saw a massive jump of 42.2% to ₹72,246 crore during this period.
Financial overview
Refunds and net revenue for the month
Refunds for October rose by 6.5% YoY to ₹27,934 crore.
The net GST revenue for the month was ₹2.03 lakh crore, a growth of 25.6% from last year's ₹1.62 lakh crore in the same month.
This is also the second-highest collection in this financial year after April's ₹2.43 lakh crore collection.
State performance
Top states in terms of GST collections
Among the major states, Maharashtra topped the list with a 13% rise in domestic GST collections to ₹35,150 crore in October.
Karnataka followed with ₹15,922 crore (up 18%), Gujarat at ₹13,516 crore (up 16%), and Uttar Pradesh at ₹10,235 crore (up 24%).
Assam saw one of the highest jumps among states with a collection increase of 47% to ₹1,934 crore.