GST collection this November up 8.5% YoY to ₹1.8L crore
India's Goods and Services Tax (GST) collection for November has increased by 8.5%, amounting to ₹1.82 lakh crore, government data released on Sunday revealed. The number is a major jump from last year's collection of ₹1.68 lakh crore during the same period. The total includes central GST of ₹34,141 crore, state GST of ₹43,047 crore, integrated IGST of ₹91,828 crore and cess of ₹13,253 crore.
Breakdown of November's GST revenue
The GST revenue from domestic transactions in November grew by 9.4% to ₹1.40 lakh crore. Meanwhile, tax revenues from imports also grew by around 6% to ₹42,591 crore. However, refunds granted during the month were worth ₹19,259 crore, an 8.9% decline over the year-ago period.
Net GST collection and 8-month tally
After adjusting for refunds, the net GST collection for November rose by 11% to ₹1.63 lakh crore. The total collections between April and November amounted to ₹14.57 lakh crore, according to data by the finance ministry. However, despite this overall growth, a month-on-month comparison indicates a slight dip of about 2.7% from October's six-month high of ₹1.87 lakh crore in collections.
Consistent GST collections and future outlook
November was the ninth straight month that GST collections stayed above the ₹1.7 lakh crore mark, according to data released yesterday. In net terms, the GST collection for November was ₹1.63 lakh crore, up 11.1% from last year. For the April-November period, it increased 9.2% to ₹12.91 lakh crore in net terms.
