India's tax coffers continue to swell, with the Gross Goods and Services Tax (GST) collections for October 2024 reaching a staggering Rs 1.87 lakh crore. This represents a 9% year-on-year increase, solidifying its position as the second-highest monthly collection ever recorded.
The robust performance can be attributed to a confluence of factors, including the festive season's positive impact on consumer spending, a surge in domestic sales, and improved compliance measures. The breakdown of the GST collections is as follows: Central GST stood at Rs 33,821 crore, State GST at 41,864 crore, Integrated IGST at Rs 99,111 crore and cess at Rs 12,550 crore.
The only month surpassing October's collections was April 2024, which saw a record-breaking Rs 2.10 lakh crore in GST revenue. This consistent trend of high GST collections underscores the resilience of India's economy and the effectiveness of the government's tax reforms.
The sustained growth in GST revenues is a testament to the positive economic sentiment and increased consumer confidence.