Top Stories India’s GST Revenue Hits ₹1.87 Lakh Crore in October with 9% Growth India’s October GST revenue reached Rs. 1.87 lakh crore marking the second-highest since 2017 By Kavi Priya – On November 3, 2024 11:27 am – 2 mins read India’s Goods and Services Tax (GST) revenue in October 2024 reached Rs. 1.87 lakh crore, showing an 8.9% increase compared to October 2023. This is the second-highest monthly GST collection since GST was introduced in 2017, highlighting strong economic activity and a rise in local demand. After deducting refunds, the net GST revenue was over Rs. 1.68 lakh crore, a 7.9% increase from last year.

This growth rate improved from September, which had a slower growth of 3.9%, the lowest this fiscal year. However, overall GST collections for 2024-25 are still below the Budget’s target of 11% growth. From April to October 2024, total GST collections were Rs. 12.74 lakh crore, marking a 9.4% increase from last year. Net revenues after refunds grew by 9% to Rs. 11.27 lakh crore. Despite this progress, the growth rate is still below the expected yearly target, suggesting challenges in meeting fiscal goals. Be a GST Expert: Get Essential Questions, Key Judgements and Practical Guide, Click Here Domestic sales played a big role in October’s growth, with local transactions increasing by 10.6%, much higher than September’s 6%. This rise reflects stronger local demand, particularly after the monsoon season.

Meanwhile, revenue from imports slowed down, growing only by 3.9% compared to 8% the month before, showing a shift towards more domestic revenue sources. The report also showed big differences between states. Kerala had the highest growth in GST revenue with 20%, followed by Gujarat at 18%. In contrast, some northeastern states saw declines, with Arunachal Pradesh facing a 33% drop, and Nagaland and Manipur seeing decreases of 8% and 5% respectively. These variations highlight different economic conditions across states.