GST Collection for November Rises by 8.5% to ₹1.82 Trillion

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.