India collected 231,290 crore rupees in gross goods and services tax revenue in October, up 22.9 per cent from a year earlier. Import-linked receipts grew faster than domestic collections. Refunds also increased, leaving net revenue at 203,356 crore rupees. The seven-month totals showed slower growth than October’s monthly comparison. One crore equals 10 million rupees.
India’s gross goods and services tax receipts increased 22.9 per cent in October from the same month a year earlier. The tax covers transactions in goods and services. Gross revenue reached 231,290 crore rupees, compared with 188,125 crore rupees. One crore equals 10 million rupees. Import-linked revenue grew substantially faster than receipts from domestic transactions.[1], [2]
Domestic gross receipts rose 15.8 per cent to 159,044 crore rupees, while the import component increased 42.2 per cent to 72,246 crore rupees. Central goods and services tax contributed 42,935 crore rupees and the state component 51,340 crore rupees. Integrated tax receipts, which include domestic transactions and imports, totalled 137,015 crore rupees. Of that amount, 64,769 crore rupees came from domestic transactions.[1]
Refunds rose 6.5 per cent to 27,934 crore rupees. Deducting them left net October receipts of 203,356 crore rupees, up 25.6 per cent from 161,900 crore rupees. For April–October, cumulative gross collections reached 1,477,569 crore rupees, an increase of 13.2 per cent. Net revenue for the same seven months rose 12.6 per cent to 1,269,486 crore rupees. Those cumulative comparisons cover the fiscal year to date rather than October alone.[1]
