Central Govt releases GST Revenue Collection Report for October 2024

The Central Government has released the Goods and Services Tax ( GST ) Revenue Collection Report pertaining to the month of October, 2024.

In October 2024, the Goods and Services Tax ( GST ) collections in India demonstrated a notable increase Year over Year, reflecting the robust economic activities and compliance efforts within the country. The total gross GST revenue collected amounted to ₹1,87,346 crores, representing an 8.9% growth compared to the ₹1,72,003 crores collected in October 2023. This growth trend has continued, with the year-to-date (YTD) collections reaching ₹12,74,442 crores, which is a 9.4% increase from ₹11,64,511 crores during the same period last year.

Breaking down the components of GST, the Central Goods and Services Tax ( CGST ) recorded a growth from ₹30,062 crores in October 2023 to ₹33,821 crores in October 2024. The State Goods and Services Tax (SGST) also showed a healthy increase, rising from ₹38,171 crores to ₹41,864 crores. Meanwhile, the Integrated Goods and Services Tax ( IGST ) collections grew from ₹91,315 crores to ₹99,111 crores, showcasing a strong performance in both domestic and import transactions.

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Importantly, the gross revenue from imports, which includes IGST and CESS, saw a growth of 3.9%, totaling ₹45,096 crores in October 2024 compared to ₹43,421 crores in October 2023. This indicates sustained demand for imported goods, which continues to play a significant role in the GST revenue framework.

Refunds, which are crucial for maintaining taxpayer confidence and compliance, also saw an uptick. Domestic refunds rose by 42.8%, reaching ₹10,498 crores from ₹7,352 crores. In total, the refunds for October 2024 were recorded at ₹19,306 crores, marking an 18.2% increase from ₹16,335 crores the previous year.

State-wise performance has varied, with significant contributions from states like Maharashtra, which contributed ₹31,030 crores in October 2024, up from ₹27,309 crores, marking a growth of 14%. Other states such as Haryana and Tamil Nadu also reported strong figures, contributing ₹10,045 crores and ₹11,188 crores, respectively, showcasing growth rates of 15% and 4%.

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