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GST collections at INR1.32t in Nov’21

Remain stable sequentially

* Total gross Goods & Services Tax (GST) collections grew 25.3% YoY to INR1.32t in Nov’21. These are the second highest GST collections recorded since inception, followed by INR1.41t in Apr’21 and preceded by INR1.30t in Oct’21. Total GST collections during Apr–Nov’21 stood at INR9.4t, 74.9% of FY22BE, higher than INR6.65t (64.6% of FY21BE) achieved during the corresponding months of 2020.

* Within the total GST collections in Nov’21, CGST collections amounted to INR239.8b (three-month high growth of 25% YoY) and SGST collections to INR311.3b (three-month high growth of 21.9% YoY). GST collections on imports / domestic activity expanded 45.7%/19.9% YoY to INR322b/INR992b in Nov’21.

* Daily e-way bill generation, however, reduced to five-month lows of 1.9m units in Nov’21 (up to 21st Nov’21), against an average of 2.3m units of e-way bills collected daily during Aug–Oct’21. This implies GST collection data in Dec’21 (for economic activity in Nov’21) could be lower sequentially.

* Overall, average GST collections thus far this year stand at INR1.18t, implying the government needs only INR790b each month during Dec’21–Mar’22 to achieve its FY22 budget target (full-year target of INR12.6t, of which INR9.4t has been collected).

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