Macro data signals growth: Sept GST jumps 14.7%; auto, UPI, PE-VC stay strong
India's GST collections rose by 14.7% in September, signaling strong economic momentum heading into the festive season. Growth was supported by robust auto sales and increased import activity despite global economic pressures.
Why it matters
Strong tax collection and auto sales are key indicators of domestic consumption health and overall economic growth in India.
NEW DELHI/MUMBAI/CHENNAI: It turned out to be a strong end to the first half of the year, with GST collections jumping 14.7% to over Rs 2 lakh crore in Sept, amid double-digit growth in dispatches by the country's top automakers. Other indicators also pointed to continuation of economic momentum despite a turbulent global situation, which is putting pressure on cost.Official data showed that the GST growth in Sept, based on transactions in Aug, was powered by a 26% jump in integrated GST on imported goods to Rs 65,525 crore as higher commodity prices and a weaker rupee drove up the import bill. Domestic collections remained strong, clocking double-digit growth to Rs 1,37,996 crore. Total refunds fell 3%, resulting in an 18% jump in net collections to Rs 1,76,520 crore.Among the states, Gujarat (17%), UP (11%), Telangana (18%) and Karnataka (12%) reported strong growth.
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