The consistent increase in GST collections reflects strong economic activity and improved compliance.
New Delhi : The gross GST (Goods and Services Tax) collections for November 2024 recorded a robust growth of 8.5%, reaching over ₹1.82 lakh crore. This surge was driven primarily by higher revenues from domestic transactions, according to data released by the government on Sunday.
Breakdown of GST Components
Central GST (CGST): ₹34,141 crore
State GST (SGST): ₹43,047 crore
Integrated GST (IGST): ₹91,828 crore (including ₹42,591 crore collected on imports)
Cess: ₹13,253 crore
Year-on-Year and Monthly Trends
The November 2024 collections are significantly higher than the ₹1.68 lakh crore collected in the same month last year. While the total collections in October 2024 were slightly higher at ₹1.87 lakh crore, November's growth continues the trend of strong GST revenues. The highest-ever monthly GST collection was in April 2024, exceeding ₹2.10 lakh crore.
Performance Highlights
- GST revenue from domestic transactions grew by 9.4% year-on-year, reaching ₹1.40 lakh crore.
- Revenue from imports increased by about 6%, totaling ₹42,591 crore.
- Refunds issued during the month amounted to ₹19,259 crore, a decline of 8.9% compared to November 2023.
Significance of the Growth
The consistent increase in GST collections reflects strong economic activity and improved compliance. Higher domestic transaction revenues suggest robust consumption patterns within the economy, while the growth in import-related taxes indicates stable international trade. The government's efforts to streamline tax processes and reduce evasion seem to be paying off.
With the current momentum, GST collections are on track to meet annual targets, contributing significantly to state and central government revenues. These figures underline the resilience of the Indian economy amidst global economic challenges.
New Delhi : The gross GST (Goods and Services Tax) collections for November 2024 recorded a robust growth of 8.5%, reaching over ₹1.82 lakh crore. This surge was driven primarily by higher revenues from domestic transactions, according to data released by the government on Sunday.
Breakdown of GST Components
Central GST (CGST): ₹34,141 crore
State GST (SGST): ₹43,047 crore
Integrated GST (IGST): ₹91,828 crore (including ₹42,591 crore collected on imports)
Cess: ₹13,253 crore
Year-on-Year and Monthly Trends
The November 2024 collections are significantly higher than the ₹1.68 lakh crore collected in the same month last year. While the total collections in October 2024 were slightly higher at ₹1.87 lakh crore, November's growth continues the trend of strong GST revenues. The highest-ever monthly GST collection was in April 2024, exceeding ₹2.10 lakh crore.
Performance Highlights
- GST revenue from domestic transactions grew by 9.4% year-on-year, reaching ₹1.40 lakh crore.
- Revenue from imports increased by about 6%, totaling ₹42,591 crore.
- Refunds issued during the month amounted to ₹19,259 crore, a decline of 8.9% compared to November 2023.
Significance of the Growth
The consistent increase in GST collections reflects strong economic activity and improved compliance. Higher domestic transaction revenues suggest robust consumption patterns within the economy, while the growth in import-related taxes indicates stable international trade. The government's efforts to streamline tax processes and reduce evasion seem to be paying off.
With the current momentum, GST collections are on track to meet annual targets, contributing significantly to state and central government revenues. These figures underline the resilience of the Indian economy amidst global economic challenges.
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