GST collection rose 8.5 per cent to Rs 1.82 lakh crore in November, on the back of higher revenue from domestic operations.
According to government data released on December 1, Central Goods and Services Tax (CGST) collected was Rs 34,141 crore, State Goods and Services Tax (SGST) was Rs 43,047 crore, while integrated IGST was recorded at Rs. 91,828 crore and cess yielded Rs 13,253 crore Rs.
Total gross GST revenue rose 8.5 percent to over Rs 1.82 lakh crore in November, compared to Rs 1.68 lakh crore in the same month a year ago, the data showed.
In the month under review, GST on domestic transactions rose 9.4 percent to Rs 1.40 lakh, while import tax revenue rose about 6 percent to Rs 42,591 crore.
Funds worth Rs 19,259 crore were recovered during the month, down 8.9 percent from the year-ago period.
After adjusting for refunds, net GST collection increased by 11 percent to Rs 1.63 lakh crore.
October’s GST collection of Rs 1.87 lakh was the second best GST growth with 9 per cent year-on-year growth. The highest collection was in April 2024 and was over Rs 2.10 lakh.
GST collection in October shows an annual growth of 8.9 percent compared to what was collected during the previous year period. 1.73 lakh rupees was collected as GST in September, showing a year-on-year growth of 6.5 per cent for the month.
Meanwhile, Finance Minister Nirmala Sitharaman will chair the next meeting of the GST Council on December 21 in Jaisalmer, a senior finance ministry official said. Initially, the meeting of the Council was planned for November. The delay is due to Assembly elections in the states of Maharashtra and Jharkhand, followed by the winter session of Parliament.
The GST Council meeting is likely to take up two pending issues discussed by the relevant group of ministers – the reduction of GST on health and life insurance to zero from the current 18 per cent and the much-awaited rate rationalization on some consumer goods. On September 9, the 54th meeting of the Council took place.
In a meeting held on October 19, the Group of Ministers on Life and Health Insurance decided to offer full GST exemption in health and life insurance. The Group of Ministers on Tariff Rationalization, which also met on October 19, decided to propose a reduction in tax on bottled water above 20 liters to 5 per cent from 18 per cent, on bicycles costing less than Rs 10,000 to 5 per cent from 12 per cent, and on notebooks to 5 percent from 12 percent. The move is aimed at making essential products more affordable, especially to the middle class and lower income groups.
