GST Revenue Trends in India

• GST revenue trends have been fluctuating this financial year, with three out of seven months recording high collections.
• April saw the first instance of revenues of over ₹2 lakh crore, with gross and net receipts rising 12.4% and 15.5% respectively.
• July’s gross receipts were the third highest at over ₹1.82 lakh crore, up 10.3%.
• October’s GST receipts before refunds were the second highest in seven-odd years of the tax.
• Gross revenues hit a three-year low of 7.3% in June and worsened to a 40-month low of 6.5% in September.
• October’s revenues before adjusting refunds to taxpayers broke a two-month streak of sequential dips, with year-on-year growth recovering to 8.9%.
• Net revenues grew at a slower 7.9%, but doubled from September’s 3.9% uptick.
• The overall growth of net GST revenues this year has declined to 9%, from about 10.2% as of August.
• The RBI hopes on improved festive demand and consumer sentiment.
• The latest GST receipts are a good omen, but November’s receipts for last month’s activity will provide more clarity.