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Business
GST Revenue Collection Jumps 23% to ₹2.31 Lakh Crore in October, Second Highest Ever
✍️ The Hindu
🗓 02 Nov 2026, 06:34 AM
👁 14
India’s Goods and Services Tax (GST) revenue collection rose 23% year‑on‑year in October, reaching ₹2.31 lakh crore, the second‑highest level on record, driven by a surge in festive spending.
India’s Goods and Services Tax (GST) revenue collection in October 2023 surged 23% compared to the same month last year, amounting to ₹2.31 lakh crore. This figure represents the second‑highest GST collection on record.
The previous peak was recorded in August 2022, when collections reached ₹2.38 lakh crore. The October rise is attributed largely to heightened consumer spending during the festive season, including Diwali and other celebrations.
The Commerce Ministry noted that the uptick reflects a rebound in retail sales and a steady flow of tax payments from businesses. Analysts suggest that the festive demand has helped offset the slowdown seen in earlier months.
Higher GST receipts provide the government with additional fiscal space to fund public spending and infrastructure projects, potentially easing the need for borrowing. The trend also signals a resilient consumer base amid ongoing economic challenges.
The previous peak was recorded in August 2022, when collections reached ₹2.38 lakh crore. The October rise is attributed largely to heightened consumer spending during the festive season, including Diwali and other celebrations.
The Commerce Ministry noted that the uptick reflects a rebound in retail sales and a steady flow of tax payments from businesses. Analysts suggest that the festive demand has helped offset the slowdown seen in earlier months.
Higher GST receipts provide the government with additional fiscal space to fund public spending and infrastructure projects, potentially easing the need for borrowing. The trend also signals a resilient consumer base amid ongoing economic challenges.