Overview
- Gross GST collections reached about Rs 1.96 lakh crore in October, the first full month reflecting the September 22 rate rationalisation.
- Net GST was Rs 1.69 lakh crore with year-on-year growth of roughly 0.6% as refunds jumped 39.6% to Rs 26,934 crore.
- Cess receipts fell sharply after levies were removed on several items, while domestic GST rose 2% to Rs 1.45 lakh crore and import IGST rose about 13% to Rs 50,884 crore.
- Collections for April to October totaled roughly Rs 13.89 lakh crore, up 9% year-on-year, and October marked the tenth straight month above Rs 1.8 lakh crore.
- Tax advisers warn that inverted-duty structures in sectors like packaging, pharmaceuticals and farming could drive higher refunds and near-term revenue pressure.