India’s goods and services tax (GST) revenue reached a significant milestone in October, marking the second-highest monthly collection of Rs 1.72 lakh crore since the GST implementation. This represents a robust growth of 13.4% compared to the previous year’s collections. The surge was driven by domestic transactions, services imports, and record-high GST compensation cess collections. Levies on imported goods experienced a faster growth rate than domestic transactions. The average monthly GST collection for the fiscal year 2023-24 stands at Rs 1.66 lakh crore, reflecting an 11% increase year-on-year. Experts attribute this growth to increased consumer demand during the festival season and a sales push in the last quarter. However, the cumulative growth in GST revenue for the April-October 2023 period fell slightly short of the budgeted target.
India’s GST Revenue Surges to Second-Highest Monthly Tally
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