GST Collections Jump 23% to Rs 2.31 Lakh Crore in October, Import Revenue Surges 42%

India’s Goods and Services Tax (GST) collections recorded a sharp rise in October, with gross revenue increasing 23 per cent year-on-year to over Rs 2.31 lakh crore, reflecting stronger domestic economic activity and a significant jump in imports.

According to government data released on November 1, the October collection was supported by growth in both domestic transactions and imported goods, with revenue from imports witnessing a particularly strong increase.

GST collections from domestic sales rose 16 per cent to over Rs 1.59 lakh crore, while revenue from imports surged 42 per cent to Rs 72,246 crore. The faster growth in import-related collections played a major role in pushing the overall tax mop-up higher.

The total gross collection comprised Rs 42,935 crore in Central GST (CGST), Rs 51,340 crore in State GST (SGST) and more than Rs 1.37 lakh crore in Integrated GST (IGST).

Meanwhile, GST refunds increased 6.5 per cent year-on-year to Rs 27,934 crore during October. After accounting for these refunds, net GST revenue stood at over Rs 2.03 lakh crore, marking a stronger 26 per cent annual growth.

The latest figures also point to sustained growth in tax collections during the current financial year. Between April and October, gross GST revenue rose 13.2 per cent to over Rs 14.77 lakh crore, compared with the corresponding period last year.

Net GST collections during the seven-month period increased 13 per cent to over Rs 12.69 lakh crore, indicating continued strength in revenue mobilisation.

The October performance highlights the contribution of domestic consumption and international trade to the government’s indirect tax revenues.