GST collection rises by 8.5% to over Rs 1.82 trillion in November
- IBEF
- December 2, 2024
Gross Goods and Services Tax (GST) collections in India rose 8.5% to over Rs. 1.82 lakh crore (US$ 21.74 billion) in November, driven by increased revenues from domestic transactions. The breakdown of collections includes Central GST at Rs. 34,141 crore (US$ 4.08 billion), State GST at Rs. 43,047 crore (US$ 5.15 billion), Integrated GST at Rs. 91,828 crore (US$ 10.97 billion), and cess at Rs. 13,253 crore (US$ 1.58 billion). In comparison, November 2022 saw collections of Rs. 1.68 lakh crore (US$ 21.05 billion). October 2024 recorded the second-highest GST collection at Rs. 1.87 lakh crore (US$ 22.34 billion), reflecting a 9% annual growth, while the highest collection occurred in April 2024, exceeding Rs. 2.10 lakh crore (US$ 25.09 billion).
Domestic transaction revenues grew by 9.4% to Rs. 1.40 lakh crore (US$ 16.73 billion) and import tax revenues increased by about 6% to Rs. 42,591 crore (US$ 5.09 billion). In November, refunds amounted to Rs. 19,259 crore (US$ 2.30 billion), an 8.9% decline compared to the previous year. After accounting for these refunds, net GST collections rose 11% to Rs. 1.63 lakh crore (US$ 19.47 billion). This consistent growth in GST revenues indicates a strengthening economy and improved compliance among taxpayers, contributing positively to the overall fiscal health of the country.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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