GST Collections Jump 15% To Rs 1.67 Lakh Crore In November
In October, revenue from domestic transactions, including imports of services, was 20% higher than a year earlier.
The Goods and Services Tax collections for November rose 15% to Rs 1.67 lakh crore, as compared with the year-ago period, on the back of festive season consumption and momentum.
Data released by the Ministry of Finance on Wednesday showed that the average monthly gross GST collection in FY24 was Rs 1.66 lakh crore.
MS Mani, partner, Deloitte India, sees this as a reflection of the inherent growth in production and consumption, as they are a good barometer of the state of the economy.
"Significant efforts made by the tax authorities to improve compliance and deter evasion are also resulting in more businesses coming under the GST net," he said, before adding that the stability shown in the GST collections would give policymakers the confidence to move ahead with the next phase of GST reforms.
In October, revenue from domestic transactions (including imports of services) was 20% higher than a year earlier.
The highest ever collection was recorded in April at Rs 1.87 lakh crore. A release from the ministry said that the gross GST collection till November cumulatively adds up to Rs 13.32 lakh crore in FY24, averaging Rs 1.66 lakh per month. This is 11.9% higher than the gross GST collection as of November 2022, which came up to Rs 11.9 lakh crore, averaging Rs 1.49 lakh crore per month, it said.
Break-up Of Collections
Gross GST revenue: Rs 1.67 lakh crore.
Central GST: Rs 30,420 crore.
State GST: Rs 38,226 crore.
Integrated GST: Rs 87,009 crore, including Rs 39,198 crore collected on import of goods.
Cess: Rs 12,274 crore, including Rs 1,036 crore collected on the import of goods.
State Trends
Pratik Jain, partner at PwC India, said that robust growth in GST (as compared with last year) is seen in most of the manufacturing states, indicative of an uplift in demand and consumption.
Maharashtra recorded the highest GST revenue, followed by Uttar Pradesh, given the size of their consumption base and prevalence of industries. Maharashtra recorded Rs 96,551 crore in collections, growing 14% annually.
Karnataka collected Rs 48,766 crore after the settlement of SGST, growing 13% annually.
Tamil Nadu recorded Rs 42,472 crore after the state settlement, which is the third highest collection. It beat Gujarat for the third straight month, even as the state collected Rs 41,545 crore, a growth of 11%.
