India's October net goods and services tax collection rises 25.6% year-on-year
NEW DELHI: India collected 2.03 trillion rupees ($21.40 billion) as net goods and services tax in October, an increase of 25.6% year-on-year, according to a government statement on Sunday. IT, earnings, tax-cut hopes power Indian shares to monthly gains Gross October goods and services tax collection stood at 2.31 trillion rupees, up 22.9%, the statement said.
New Delhi reported that India's coal-fired power output surged to its highest annual pace in three years in October, while hydropower generation declined due to an El Niño weather pattern and growing industrial demand, according to government data. Coal-fired generation increased by 25.7% compared to the previous year, accounting for 71.7% of total generation, up from 66.03% in September.
Meanwhile, hydropower output dropped by 26% due to reduced rainfall, the steepest decline since February 2024. This shift put strain on coal-fired generation, with 100 of India's 191 coal plants operating with critically low fuel stocks at one point in October due to surging power demand. However, the supply situation improved as the government increased coal supplies at a record pace to bolster electricity generation.
In September, power shortages reached 560 million kilowatt-hours, the highest since August 2023. These shortages eased as coal power generation rose and temperatures cooled towards the end of October. Renewable energy generation rose 34.7% in October to 26.61 billion kWh, driven by a 62% surge in solar power. Yet, clean energy's share in overall power generation fell to around 15% in October from 17% in September.
Overall electricity generation in India increased by 21.1% in October compared to the previous year, totaling 172.53 billion kWh.
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