In October 2024, gross GST revenue collections reached ₹1.73 lakh crore, showing a 6.5% year-over-year growth. The net GST revenue for the month stood at ₹1.52 lakh crore, a 3.9% increase from ₹1.47 lakh crore in October 2023. The Goods and Services Tax (GST) has been a transformative reform in India’s fiscal landscape. Introduced to simplify a complex, multi-layered tax system, GST has replaced multiple indirect taxes with a more streamlined, technology-driven structure, promoting transparency and efficiency.
GST Revenue Collections in October 2024
| Component | October 2024 (₹ Crores) |
|---|---|
| Total GST | 1,87,346 |
| CGST | 33,821 |
| SGST | 41,864 |
| IGST | 99,111 |
| Cess | 12,550 |
| Growth Rate (YoY) | 8.9% |
➡️ Click here to Download GST Data: October 2024
Top 10 States Contributing to GST Revenue in FY 2023-24
The top 10 states based on cumulative GST revenue collections over the last ten months of FY 2023-24 are as follows:
| State/UT | Total Revenue (₹ Crores) |
|---|---|
| Maharashtra | 302,317 |
| Karnataka | 135,953 |
| Gujarat | 117,771 |
| Tamil Nadu | 113,174 |
| Haryana | 96,745 |
| Uttar Pradesh | 96,421 |
| Delhi | 60,689 |
| West Bengal | 59,775 |
| Telangana | 55,863 |
| Odisha | 51,509 |
GST’s Contribution to National Revenue
Since its inception, GST has become a significant revenue source, helping finance developmental and welfare initiatives across India. By replacing multiple cascading taxes with a unified system, GST has expanded the tax base and improved compliance, encouraging businesses to maintain accurate records due to input tax credit benefits.
According to the interim Budget for FY 2024-25, indirect taxes like GST will account for 18 paise of every rupee in government revenue, making it the most significant contributor among indirect taxes. This revenue supports crucial services such as healthcare, education, and infrastructure and is essential for managing fiscal deficits and promoting economic stability.
FAQs
What are the four GST slabs?
- The four GST slabs are 5%, 12%, 18%, and 28%.
How is GST calculated?
- GST is calculated by applying the GST rate to the selling price of goods or services. The formula is: GST Amount = (Original Cost * GST Rate%) / 100
