{
  "id": 17713300,
  "title": "GST collections jump 22.9% to Rs 2.31 lakh crore in October as festive demand beats high inflation and interest rates",
  "url": "https://urgent.news/2026/11/02/gst-collections-jump-22-9-to-rs-2-31-lakh-crore-in-october-as-festive",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-02T00:00:00.000Z",
  "source": {
    "name": "The Economic Times - Economy",
    "slug": "the-economic-times-economy",
    "url": "https://economictimes.indiatimes.com/news/economy/indicators/gst-collections-jump-22-9-to-rs-2-31-lakh-crore-in-october-as-festive-demand-beats-high-inflation-and-interest-rates/articleshow/135435948.cms"
  },
  "original_language": "en",
  "account": "India's gross goods and services tax (GST) collections rose 22.9% year-on-year in October, reaching ₹2.31 lakh crore, according to new data. The surge in collections indicates robust festive-season consumption, despite the country grappling with rising inflation, increased interest rates, and an unfavorable global environment. Other high-frequency data further supports India's strong consumption narrative. Passenger car sales increased by 14% to over 525,000 units, a record high. Digital payments hit a record 25.47 billion in October, a 23% rise, while transaction value grew 16% to ₹31.53 lakh crore. Power consumption surged nearly 22% in October, reaching 160 billion units, while diesel sales rose 11.7% on-year. While petrol sales grew moderately by 3.1%, jet fuel and LPG sales declined. Net GST collections, after accounting for refunds, climbed 25.6% to ₹2.03 lakh crore in October, with total refunds increasing by 6.5%. The robust performance is expected to continue, reflecting a domestic consumption-driven economy that is growing steadily, as indicated by various macroeconomic indicators. MS Mani, a partner at Deloitte India, noted that strong growth in GST collections underscores the need to promote domestic manufacturing capabilities and support India's Atmanirbhar Bharat initiative.",
  "summary": "India's GST collections in October reached ₹2.31 lakh crore, reflecting a 22.9% year-on-year increase. Strong consumption trends are indicated by rising passenger car sales and record digital payments. Power consumption also surged nearly 22% compared to last year, further emphasizing economic strength. Despite a high inflation rate of 5.5%, demand has remained robust, supporting growth…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Philippine Star Business",
        "title": "October inflation seen accelerating to 7.6 percent",
        "url": "https://urgent.news/2026/11/01/october-inflation-seen-accelerating-to-7-6-percent",
        "published": "2026-11-01T16:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}