In a noteworthy development, the government’s Goods and Services Tax (GST) collections for October surged by 13% on a year-on-year basis, reaching a substantial total of Rs 1.72 lakh crore. This information was disclosed through official data released on Wednesday, highlighting a robust performance in revenue generation.
Second-Highest Monthly Collections Achieved
The October GST collections represent the second-highest monthly figures, closely trailing behind the record set in April 2023 when the collections peaked at Rs 1.87 lakh crore. This substantial growth reflects the effectiveness of GST mechanisms and underscores the resilience of economic activities contributing to tax revenue.
The impressive 13% YoY increase in GST collections signals economic recovery and stability. The sustained upward trajectory in tax collections bodes well for fiscal health, indicating positive momentum in various sectors contributing to the GST pool.
