India’s Goods and Services Tax (GST) revenue rose by 8.5% to ₹1.82 lakh crore in November 2024, compared to ₹1.68 lakh crore in the same month last year. The growth is primarily driven by higher revenues from domestic transactions, with GST from domestic transactions increasing by 9.4%. This increase is significant, though it follows a previous high of ₹1.87 lakh crore in October, which marked the second-best collection in GST history. In April 2024, India recorded its highest-ever GST collection of over ₹2.10 lakh crore.
Key GST Collection Figures for November 2024
- Central GST: ₹34,141 crore
- State GST: ₹43,047 crore
- Integrated IGST: ₹91,828 crore
- Cess: ₹13,253 crore
Growth in Domestic and Import-Based Revenues
Domestic Transactions: GST collection from domestic transactions grew by 9.4%, amounting to ₹1.40 lakh crore.
Imports: Revenues from imports saw a 6% rise, totaling ₹42,591 crore.
Refunds and Net GST Collection
Refunds: Refunds worth ₹19,259 crore were issued, a decline of 8.9% compared to the same period last year.
Net GST Collection: After adjusting for refunds, the net GST collection increased by 11%, reaching ₹1.63 lakh crore.
This November’s GST revenue performance continues the positive trend in the country’s tax collections, following a steady rise in the past months, including October’s second-highest collection and April’s record-setting figure.
Healthy GST Revenue Growth in Some States
- Jammu & Kashmir: 25% increase
- Bihar: 12% increase
- Sikkim: 52% increase
- Mizoram: 16% increase
- Tripura: 18% increase
- Assam: 10% increase
- Odisha: 10% increase
- Delhi: 18% increase
These states indicate higher economic activity, contributing positively to the overall GST revenue growth in November 2024.
Concern Over Slow or Negative GST Growth in Key States
Single-Digit Growth States
-
- Haryana: 2% increase
- Punjab: 3% increase
- Uttar Pradesh and Madhya Pradesh: 5% increase
- Tamil Nadu: 8% increase
- Telangana: 3% increase
Negative Growth States
- Rajasthan: -1% decrease
- Andhra Pradesh: -10% decrease
- Chhattisgarh: -1% decrease
Summery of the news
| Why in News | Key Points |
|---|---|
| GST Collection for November 2024 | GST collection in November 2024 rose by 8.5% to ₹1.82 lakh crore, compared to ₹1.68 lakh crore in November 2023. |
| Breakdown of GST Collection | Central GST: ₹34,141 crore; State GST: ₹43,047 crore; Integrated IGST: ₹91,828 crore; Cess: ₹13,253 crore. |
| Domestic and Import-Based GST Growth | GST from domestic transactions grew 9.4% to ₹1.40 lakh crore; GST from imports rose by 6% to ₹42,591 crore. |
| Refunds Issued | Refunds worth ₹19,259 crore issued, an 8.9% decline compared to last year. |
| Net GST Collection | Net GST collection (after refunds) increased by 11% to ₹1.63 lakh crore. |
| Previous GST Collection Record | October 2024 GST collection: ₹1.87 lakh crore (second-highest); April 2024 GST collection: ₹2.10 lakh crore (highest-ever). |
| Significance of GST Growth | The 8.5% growth in GST collections shows consistent economic recovery, particularly from domestic transactions. |
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