The government has collected Rs 1.87 lakh crore from Goods and Services Tax, i.e. GST, in October 2024. There has been an increase of 9% on annual basis.
A year ago i.e. in October 2023, the government had collected Rs 1.72 lakh crore GST.
This is the second largest collection till date in terms of gross tax collection. Earlier, the government had collected GST of Rs 2.10 lakh crore in April 2024 and Rs 1.87 lakh crore in April 2023.
At the same time, last month in September, the government had collected Rs 1.73 lakh crore from GST. Net GST collection after refund stood at Rs 1.68 lakh crore. This figure is 8% more than October last year.
₹1.77 lakh crore average collection in the first half of FY
This is the third month of single digit growth in collections. Gross GST collection increased by 6.5% in September. The average GST collection pace declined to Rs 1.77 lakh crore monthly in the second quarter as compared to Rs 1.86 lakh crore in the first quarter of FY 2025.
October is the eighth consecutive month when the monthly collection has been more than Rs 1.7 lakh crore. GST collection in the first half of FY 2024-25 stood at Rs 10.87 lakh crore, which was 9.5% higher than the first half of FY 24.
GST collection shows the health of the economy
GST collection is an indicator of the overall health of the economy. On the GST collection figures for the month of April, KPMG National Head Abhishek Jain said that the highest GST collection so far reflects the strong domestic economy.
GST was implemented in 2017
The government implemented GST across the country on July 1, 2017. After this, 17 taxes and 13 cesses of the Central and State Governments were removed. On completion of 7 years of GST, the Finance Ministry posted about the achievements made during the last seven years.
GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
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Government has collected ₹11.25 lakh crore direct tax so far: 18% more than last year, refund of ₹2.31 lakh crore also issued
The central government has collected net direct tax of Rs 11.25 lakh crore from April 1 to October 10. In this, corporate tax is Rs 4.94 lakh crore and personal income tax is Rs 5.98 lakh crore.
The Income Tax Department had collected direct tax of Rs 9.51 lakh crore at this time a year ago (by October 10, 2023). There has been an increase of 18.35% on annual basis.
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Graphics Source: VaskarAssets
