India’s gross GST collection in October 2024 jumped 8.9 per cent year-on-year to the six-month high of Rs 1,87,346 crore, according to the latest official data released on Friday.
Read More:- Are Diwali Gifts And Bonuses Taxable? What You Need To Know
On a month-on-month basis, India’s GST collections rose 8.1 per cent in October 2024. It was 8.9 per cent higher than in October 2023, when it stood at Rs 1.72 lakh crore.
The jump in GST collection indicates better economic activity and tax collection efficiency.
Read More:-Diwali bonus can be taxable in your hands: Know when it is taxed and when it is tax exempt
Abhishek Jain, indirect tax head & partner of KPMG, said, “GST Collections close to 1.9 lakh crore and increase in GST collections on domestic supplies by 10% plus depicts the robustness of the Indian economy. Also, it is encouraging to see a significant surge in processing of GST refunds in this month.”
