India recorded significant growth in its Goods and Services Tax (GST) collections for October 2024, showcasing a strong economic momentum. According to the latest data, the total gross GST revenue surged to ₹1,87,346 crore, marking an 8.9% increase from October 2023. Year-to-date (YTD) collections have reached ₹12.74 lakh crore, a 9.4% rise over the previous year, reflecting consistent demand and effective tax administration.
Key Highlights
- Domestic Revenue Boost: Domestic GST collections saw an impressive 10.6% increase, with CGST at ₹33,821 crore and SGST at ₹41,864 crore. The growth underscores robust economic activities within India’s borders, contributing to a total domestic revenue of ₹1,42,251 crore.
- Import Revenue Moderates: The growth rate of GST from imports was moderate, standing at 3.9%, indicating a deceleration compared to domestic figures. Gross import revenue reached ₹45,096 crore, reflecting a controlled import demand.
- High Growth in Refunds: Total refunds increased significantly, with a year-over-year rise of 18.2% in October. Domestic refunds experienced a 42.8% surge, primarily due to heightened claims in SGST and CGST categories.
- State Performance: States like Gujarat and Maharashtra led the growth with substantial collections, rising by 17% and 14%, respectively. Notably, Kerala recorded a 20% increase, showcasing economic resilience amid recent challenges.
- Challenges and Growth Outlook: While most states posted positive growth, a few states in the Northeast saw declines, highlighting varied regional economic trends. With the recent administrative push to curb GST evasion and enhance compliance, revenue growth is expected to remain strong.
To know more in details, find the enclosed file
CAclubindia
