According to the data released by the government, GST collection rose by 8.5% to Rs 1.82 lakh crore in November.
Gross GST collections grew 8.5 per cent to over Rs 1.82 lakh crore in November on higher revenues from domestic transactions.
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Breakdown of GST Collections in October 2024
The 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, according to government data released on Sunday.
GST Revenue Growth in November 2024
The total gross GST revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November as compared to Rs 1.68 lakh crore in the same month a year ago, it said.
October 2024: A Strong GST Performance
In October, GST collections of Rs 1.87 lakh crore were the second-best GST mop-up with 9 per cent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore.
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Domestic vs. Import-Based GST Collections
During the month under review, GST from domestic transactions grew 9.4 per cent to Rs 1.40 lakh crore, while revenues from tax on imports rose about 6 per cent to Rs 42,591 crore.
Refunds and Net GST Collection
Refunds worth Rs 19,259 crore were issued during the month, registering 8.9 per cent decline over the year-ago period.
After adjusting refunds, net GST collection increased by 11 per cent to Rs 1.63 lakh crore.
Expert Insights on Trends and Projections
Saurabh Agarwal, Tax Partner, EY India, said, “While the recent surge in tax collections, especially in states like Delhi, Maharashtra, and Karnataka, can be linked to the festive season, it’s too early to celebrate this as a broader economic trend. Month-on-month collections have declined, even after the festive boost.”
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Economic Outlook and Regional Highlights
Agarwal added that considering the recent GDP data for the September 2024 quarter, “we anticipate a slowdown in tax collections over the next four months.”
The global geopolitical scenario and potential consumer spending cuts could further exacerbate short-term economic growth, Agarwal pointed out.
However, “the uptick in collections from states like Jammu & Kashmir, Bihar, Sikkim, Mizoram, Tripura, Assam, and Odisha points towards positive economic momentum in these regions,” Agarwal highlighted.
