GST Collection: Total Goods and Services Tax (GST) collections increased by 8.5 percent to more than Rs 1.82 lakh crore in November, as sales increased during the festive season. According to official data released on Sunday, central GST collections amounted to Rs 34,141 crore, state GST to Rs 43,047 crore, integrated IGST (Rs 91,828 crore) and cess (Rs 13,253 crore).

The total gross GST revenue increased by 8.5 percent to more than Rs 1.82 lakh crore in November, from Rs 1.68 lakh crore in the same month a year ago. The GST collection of Rs 1.87 lakh crore in October was the second-highest GST collection with an annual growth of 9 percent.

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The highest collection was over Rs 2.10 lakh crore in April 2024.

During the month under review, GST from domestic transactions grew by 9.4 percent to Rs 1.40 lakh crore, while revenue from taxes on imports increased by nearly 6 percent to Rs 42,591 crore.

Refunds of Rs 19,259 crore were issued during November, a decline of 8.9 percent compared to the year-ago period. Net GST collections after adjusting for refunds increased by 11 percent to Rs 1.63 lakh crore.

Because collections in the first 8 months of FY21 fell by more than Rs 1 lakh crore compared to FY22, the 7 per cent GDP growth forecast for GST collections in the remaining four months of the current fiscal is well ahead of the FY21 budget estimates, said MS Mani, partner, Deloitte India. GST collection so far in the current financial year has stood at Rs 12.90 lakh crore, compared to Rs 11.81 lakh crore in the April-November period last year.

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(With Agencies Inputs)