The country’s gross Goods and Services Tax (GST) collections grew nearly 23 per cent year-on-year to over two lakh 31 thousand crore rupees in October this year, driven by robust domestic economic activity and a sharp rise in tax revenue from imports.
According to the provisional government data, gross GST revenue from domestic sales climbed 15.8 per cent year-on-year to over 1.59 lakh crore rupees in October, while revenue from imports surged 42.2 per cent to 72.246 lakh crore rupees.
The gross GST revenue collection includes Central GST mop-up of 42,935 crore rupees, State GST of 51,340 crore rupees and Integrated GST of 1 lakh 37 thousand 15 crore rupees.
The Rs 2.31 lakh crore collection includes Central GST mop-up of 42,935 crore, State GST of Rs 51,340 crore and Integrated GST of over Rs 1.37 lakh crore, data showed.
Goods and Services Tax (GST) refunds increased 6.5 per cent year-on-year to Rs 27,934 crore in October.
After adjusting for refunds, net GST collections rose 26 per cent to over Rs 2.03 lakh crore in October.
During April-October, gross GST collection grew 13.2 per cent to over Rs 14.77 lakh crore. Net collections rose 13 per cent to over Rs 12.69 lakh crore.