Gross Goods and Services Tax (GST) collections increased by 8.5% to over ₹1.82 lakh crore in November, driven by higher revenues from domestic transactions.
According to government data released on Sunday, the breakdown of the collections is as follows:
– CGST: ₹34,141 crore
– SGST: ₹43,047 crore
– IGST: ₹91,828 crore
– Cess:
₹13,253 crore
In comparison, GST revenue for November last year was ₹1.68 lakh crore. October saw GST collections reach ₹1.87 lakh crore (up 2.68% from November), marking a 9% annual growth and the second-highest collection, while April 2024 recorded the highest at over ₹2.10 lakh crore.
For the month in question, GST from domestic transactions rose by 9.4% to ₹1.40 lakh crore, whereas revenues from import taxes increased by approximately 6% to ₹42,591 crore.
Refunds issued during November totalled ₹19,259 crore, reflecting an 8.9% decline from the previous year. After accounting for refunds, net GST collection rose 11% to ₹1.63 lakh crore.
Content retrieved from: https://www.cnbctv18.com/business/finance/november-gst-collection-up-8-5-pc-rs-1-82-lakh-crore-19517620.htm.
