After deducting refunds, the federal government's internet tax collections stood at Rs 1.69 lakh crore, or 0.6% greater than in October 2024. As per the info, collections of Central-GST, State-GST, and Built-in-GST rose year-on-year, whereas cess collections dipped year-on-year.
Even after the federal government's sweeping GST structural rationalisation, India's GST revenues have remained sturdy. The continued power in GST collections demonstrates that the reforms are concurrently underpinning native consumption and income buoyancy for the federal government, officers informed ET.
Subsequent-gen GST reforms that got here into impact on September 22 had been anticipated to have a large ranging influence on the tax assortment of the federal government. Underneath GST 2.0, the Ministry of Finance diminished the multi-layered tax construction to successfully two broad slabs of 5% and 18%, together with a particular 40% charge for choose objects.
