India's gross goods and services tax (GST) revenues saw a significant rebound in October, with tax collections increasing by 13.4% to reach ₹1.72 lakh crore, the second-highest monthly tally.This marks the sharpest year-on-year growth since December 2022, following a slowdown in September to a 27-month low of 10.2%. Domestic transactions and service imports were the main drivers of growth in October, and it wasn't known how much more money was coming in from importing goods.
GST Indemnification In addition, cess revenue in October hit a new high of ₹12,456 crore. Goods import GST taxes increased by 13.9%, exceeding growth from domestic transactions. In April 2023, the highest-ever GST income of ₹1.87 lakh crore was generated. In the 2023–24 fiscal year, the average gross monthly collection of GST is currently ₹1.66 lakh crore.
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