Summary:

In October 2024, India's GST revenues reached a six-month high of US$ 22.28 billion (Rs. 1.87 trillion), up 8.1% from September and 8.9% year-on-year (YoY). Monthly collections have exceeded US$ 20.25 billion for eight consecutive months, indicating economic growth. Year-to-date gross collections totaled US$ 151.48 billion (Rs. 12.74 trillion), up 9.4% from US$ 138.65 billion (Rs. 11.64 trillion) the previous year, with net revenue of US$ 20 billion (Rs. 1.68 trillion).

Revenue growth exhibited significant regional variances, with Ladakh having the highest rate at 30%, followed by Kerala at 20% and Haryana at 15%. In contrast, Arunachal Pradesh and the "Other Territory" categories experienced reductions of 33% and 37%, respectively. September's GST growth rate reached a low of 6.5% since the COVID-19 period, with average monthly revenues falling to US$ 21.08 billion in Q2, down from US$ 22.16 billion in Q1 of FY25.

Source: IBEF

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