Festive sparks fire up GST revenues to second-highest level in October

India’s gross GST revenues crossed the ₹1.3 lakh-crore mark in October, the second highest collection since the tax regime was implemented in July 2017. The Finance Ministry said that October’s GST re

India’s gross GST revenues crossed the ₹1.3 lakh-crore mark in October, the second highest collection since the tax regime was implemented in July 2017.

The Finance Ministry said that October’s GST revenues reflect the recovery in economic activity and would have ‘still been higher if the sales of cars and other products had not been affected on account of disruption in supply of semi-conductors.’

October’s GST kitty was 24% higher than the same month a year ago and 36% over the pre-pandemic levels of 2019. This was driven largely by a 39% year-on-year surge in collections from import of goods, while domestic transactions and import of services were 19% higher than October 2020.