Indian Economy There is good news for. Record GST collection has been done in the month of November. Gross Goods and Services Tax (GST) collections increased by 8.5 percent to more than Rs 1.82 lakh crore in November due to increased demand in festive season and more revenue. According to government data released on Sunday, Central GST collection stood at Rs 34,141 crore, State GST at Rs 43,047 crore, Integrated IGST at Rs 91,828 crore and Cess at Rs 13,253 crore. Total gross GST revenue rose 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.
GST collection in October was Rs 1.87 lakh crore
GST collection of Rs 1.87 lakh crore in October was the second best GST collection with nine per cent annual growth. The highest collection so far was more than Rs 2.10 lakh crore in April, 2024. GST revenue from domestic transactions rose 9.4 per cent to Rs 1.40 lakh crore during the month under review, while revenue from tax on imports rose nearly six per cent to Rs 42,591 crore. Refunds worth Rs 19,259 crore were issued during the month, which is 8.9 percent less than the same period last year. After adjusting refunds, net GST collections rose 11 per cent to Rs 1.63 lakh crore.
The decline has stopped
The trend of decline in GST collection has stopped for the second consecutive month. Let us tell you that after Rs 1 lakh 82 thousand crore in July, GST collection in August declined by 3.8% on monthly basis to Rs 1.75 lakh crore. At the same time, in the month of September it had declined by 1.14% to Rs 1.73 lakh crore. GST collection in October had increased by 8.1% on a monthly basis as compared to September. Now an increase in GST collection has been recorded in November also. There is expected to be good demand in the wedding season ahead. This will increase GST collection.
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