New Delhi: Gross GST collections grew 8.5 per cent to over Rs 1.82 lakh crore in November on account of increased sales spurred by the festive season. The Central GST collection stood at Rs 34,141 crore, State GST at Rs 43,047 crore, Integrated IGST (Rs 91,828 crore) and cess (Rs 13,253 crore), according to government data released on Sunday.
The total gross Goods and Services Tax (GST) revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November compared to Rs 1.68 lakh crore in the same month a year ago, it said. In October, the GST collection of Rs 1.87 lakh crore was the second-best GST mop-up with 9 per cent annual growth.
The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore. During the month under review, GST from domestic transactions grew 9.4 per cent to Rs 1.40 lakh crore, while revenues from tax on imports rose about 6 per cent to Rs 42,591 crore.
Refunds worth Rs 19,259 crore were issued during November, registering an 8.9 per cent decline over the year-ago period. After adjusting refunds, net GST collection increased by 11 per cent to Rs 1.63 lakh crore.
The projected GDP growth of 7 per cent in FY25 augers well for GST collections in the remaining four months of the current fiscal year, considering the fact that the collections in the first 8 months of FY25 have exceeded that of FY25 by more than Rs 1 lakh crore and are ahead of the budget estimates for FY25, said MS Mani, Partner, Deloitte India.
The net GST collection stood at Rs 12.90 lakh crore during the current fiscal so far against Rs 11.81 lakh crore collected during the April-November period last year.
India’s gross GST revenue reached ₹1.82 lakh crore in November 2024, an 8.5% year-on-year increase driven by festive season sales. Central GST stood at ₹34,141 crore, State GST at ₹43,047 crore, IGST at ₹91,828 crore, and cess at ₹13,253 crore. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
