Gross GST collection surges 8.5% to Rs 1.82 lakh crore in November
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
The government in its latest data has said that 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 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).
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 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. 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.
