NEW DELHI/MUMBAI: India collected 1.96 trillion rupees ($22.3 billion) in gross goods and services taxes in October, about 5% more than the same month last year, the government said a statement on Saturday.
After refunds, the government’s net tax collections were 1.69 trillion rupees, or 0.6% more than in October 2024, it said.
India has reduced taxes on hundreds of goods including shampoo and small cars. The reduction in tax was effective from September 22 with the start of the fesival season in India.
India PM Modi vows October cuts to goods and services tax
However, the full impact of the tax cuts on state coffers will only become clear in the next month as taxes are collected with a lag.
“The higher gross GST collections reflect a strong festive season and higher demand … It is a positive indicator of how both consumption and compliance are moving in the right direction,” said Abhishek Jain, a partner at KPMG.
American Dollar Exchange Rate