GST collection increases 8.5% to Rs 1.82L cr in Nov

New Delhi: Gross GST collections surged by 8.5 per cent in November, reaching over Rs 1.82 lakh crore, driven by higher sales during the festive season.

According to government data released on Sunday, the Central GST contributed Rs 34,141 crore, State GST Rs 43,047 crore, Integrated GST Rs 91,828 crore, and cess Rs 13,253 crore.

This marks a significant rise compared to Rs 1.68 lakh crore collected in November last year. In October, GST revenues stood at Rs 1.87 lakh crore, the second-highest monthly collection, reflecting a 9 per cent year-on-year growth.

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

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 worth Rs 19,259 crore were issued during November, registering an 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.

The projected GDP growth of 7 per cent in FY25 augers well for GST collections in the remaining four months of the current fiscal year, considering the fact that the collections in the first 8 months of FY25 have exceeded that of FY25 by more than Rs 1 lakh crore and are ahead of the budget estimates for FY25, said MS Mani, Partner, Deloitte India.

The net GST collection stood at Rs 12.90 lakh crore during the current fiscal so far against Rs 11.81 lakh crore collected during the April-November period last year.