GST Collections: The month of October has been good in terms of GST collection. According to the data released by the government, GST collection in the month of October was Rs 1.87 lakh crore. This is the highest GST collection in 6 months.
Goods and Services Tax collections: The month of October has been great for the government in terms of GST collection. According to the data released by the government on Friday, the total GST collection in the month of October was Rs 1.87 lakh crore. Which is the highest in 6 months. Let us tell you, this is the eighth consecutive month when the GST collection has been more than Rs 1.70 lakh crore.
A year ago, the total GST collection in the month of October was Rs 1.72 lakh crore. If seen on an annual basis, there has been an increase of 8.9 percent in GST collection. On the other hand, on a month-on-month basis, there has been an increase of 8.1 percent in GST collection.
In the second quarter of the current financial year, the average GST collection per month was Rs 1.77 lakh crore. In the first quarter, the average GST collection per month was Rs 1.86 lakh crore.
The last few months were not good
The increase in GST collection is good news from the government’s point of view. The last few months were not good from the GST collection point of view. GST revenue was 6.5 percent in the month of September. Which was the lowest level after Kovid-19.
How much has been the GST collection so far this year?
The total GST collection in 2024 so far has been Rs 12.74 lakh crore. In 2023, GST collection of Rs 11.64 lakh crore was done till the month of October. There has been an increase of 9.4 percent in GST collection on an annual basis. Let us tell you, the highest GST collection of Rs 2.10 lakh crore was done in the month of April this year.
During the financial year 2023-24, GST collection of Rs 20.18 lakh crore was done. There was an increase of 11.7 percent in GST collection on an annual basis. An average GST collection of Rs 1.5 lakh crore was done every month.
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