A graph showing a steady upward trend with a label indicating "October GST Collection Rs 1.87 Lakh Crore.

October 2024 saw Goods and Services Tax (GST) collections in India reach Rs 1.87 lakh crore, reflecting an 8.9% year-on-year growth compared to the same month in 2023. While these collections stayed above Rs 1.7 lakh crore for the eighth consecutive month, they also marked a six-month high, showcasing resilience in India’s economic activity amid ongoing global uncertainties. Let’s dive deeper into the numbers and understand the broader trends.

GST Collection Insights for October 2024

The gross GST revenue for October 2024 was Rs 1.87 lakh crore, compared to Rs 1.72 lakh crore in October 2023, representing a year-on-year growth of 8.9%. The cumulative GST collection for 2024 has grown by 9.4% to reach Rs 12.74 lakh crore so far, indicating strong domestic economic performance. This growth is largely fueled by festive spending and an overall improvement in compliance measures by tax authorities.

It’s also worth noting that GST collections for the month of October were 8.1% higher sequentially from September 2024, which had seen a dip in collections due to a cooling-off period post the end of the monsoon season. The October uptick has been partially attributed to the increase in festive spending, especially in the automobile sector and consumer goods.

Breakdown of Domestic and Import Revenues

The gross domestic GST revenues for October 2024 saw a growth rate of 10.6% compared to the previous year. In contrast, GST revenues from imports grew by a modest 3.9%. The stronger domestic performance reflects increased consumption during the festive season, which traditionally witnesses a spike in purchases across various sectors.

Refunds for October 2024 were also higher than last year, with domestic refunds increasing by 42.8% to Rs 10,498 crore and total refunds rising by 18.2%. The substantial rise in domestic refunds signals an improvement in the efficiency of GST processing, which benefits businesses by maintaining liquidity.

GST Gross and Net Collections (Amount in Crores) – October 2024

Revenue TypeOctober 2023 (Rs Cr)October 2024 (Rs Cr)% Growth
Gross Domestic Revenue1,28,5821,42,25110.6%
Gross Import Revenue43,42145,0963.9%
Total Gross GST Revenue1,72,0031,87,3468.9%
Net Domestic Revenue1,21,2311,31,7538.7%
Net Customs Revenue34,43836,2885.4%
Total Net GST Revenue1,55,6681,68,0417.9%

State-wise Growth of GST Revenues during October 2024

State/UTOctober 2023 (Rs Cr)October 2024 (Rs Cr)Growth (%)
Jammu and Kashmir5936082%
Himachal Pradesh885867-2%
Punjab1,9812,21112%
Chandigarh21024316%
Uttarakhand1,8341,8340%
Haryana8,71610,04515%
Delhi7,7548,66012%
Rajasthan4,0464,46910%
Uttar Pradesh8,9649,6027%
Bihar1,4061,60414%
Kerala2,4182,89620%
Maharashtra27,30931,03014%
Karnataka11,97113,0819%
Tamil Nadu10,76111,1884%
West Bengal4,8535,59715%
Gujarat9,73011,40717%

SGST & SGST Portion of IGST Settled to States/UTs till October 2024

State/UTPre-Settlement SGST (2023-24) (Rs Cr)Pre-Settlement SGST (2024-25) (Rs Cr)Post-Settlement SGST (2023-24) (Rs Cr)Post-Settlement SGST (2024-25) (Rs Cr)Growth (%)
Jammu and Kashmir1,7621,7654,8175,1437%
Himachal Pradesh1,5461,5973,3023,6039%
Punjab4,9035,34213,11513,5513%
Haryana11,63713,47220,35822,97313%
Delhi9,06410,41518,59820,90212%
Rajasthan9,85910,41822,57124,5419%
Uttar Pradesh18,88020,50842,48248,73315%
Gujarat24,00525,89836,32241,43914%
Maharashtra58,05764,32484,71296,72414%
Tamil Nadu23,66126,35937,47644,74419%

State Wise/Approving Authority wise Domestic Collection (April 2024 to October 2024)

State/UTCGST (Rs Cr)SGST (Rs Cr)IGST (Rs Cr)CESS (Rs Cr)Total (Rs Cr)
Jammu and Kashmir446673667291,814
Himachal Pradesh5016921,44882,649
Punjab1,6082,4192,5571626,746
Chandigarh1511964214773
Uttarakhand1,0331,5772,819165,445
Haryana4,3715,71421,20841531,707
Delhi3,5124,0989,38664517,641
Rajasthan3,4904,5115,44978714,235
Uttar Pradesh7,1669,53010,4325,62232,746
Bihar1,3302,1819171,1515,579
Gujarat8,96510,75511,6962,23833,654
Maharashtra24,38128,61632,84210,89696,735
Karnataka9,75312,11519,1095,50646,485
Tamil Nadu8,62210,95711,4395,09636,115
Telangana4,5715,5994,8962,66217,729

Expert Analysis

Saurabh Agarwal, Tax Partner at EY, commented on the October collections, stating, “The increase in GST collections during October indicates a cautious but positive economic trajectory for India. While the growth remains in single digits, it reflects a cooling-off phase following a year of surging consumer spending. The festive season collections will be a key indicator of short-term economic trends.”

The relatively moderate growth in GST revenues compared to the peak periods of the previous fiscal year may suggest a slowdown in consumer spending. However, the resilience in October’s numbers also suggests that the economy continues to hold strong amidst potential global economic challenges.

Conclusions and Future Outlook

The October GST collections indicate a stable economic outlook for India, driven largely by domestic demand and effective tax compliance. While the growth in collections is slightly lower than peak periods earlier in the year, the consistent rise month-on-month points to economic resilience. The festive season has played a key role in driving October collections, and the coming months will reveal whether this momentum can be maintained.

For businesses and individuals, it’s important to stay updated with such trends as they often indicate policy changes and economic health. At Efiletax, we ensure our clients are always informed and prepared. Contact us today for expert advice and GST compliance assistance.

Need Help with Your GST Compliance?

If you’re facing issues with GST filing or require assistance in understanding the latest regulations, Efiletax’s expert team is here to help. Reach out today and stay compliant effortlessly.