GST collection jumps 13% YoY to ₹1.72 lakh crore in October

Goods and Services Tax(GST) revenue collection jumped by 13% YoY to ₹1.72 lakh crore in October this year. This is the second highest-ever GST revenue collection ever.

Notably, this is the second highest gross GST revenue collection next to April month of this financial year. Out of the total gross GST, ₹30,062 crore is CGST, ₹38,171 crore is SGST, ₹91,315 crore is IGST and ₹12,456 crore is cess. 

The total revenue of Centre and the States in October stood at ₹72,934 crore for CGST and ₹74,785 crore for SGST.

During October, revenue from domestic transactions (including import of services) is also 13% higher than the revenues from these sources during the same month last year.