Summary:

India’s Gross Goods and Services Tax (GST) collections grew by 8.5% in November, reaching Rs.1.82 lakh crore (US$ 21.74 billion), driven by higher revenues from domestic transactions. Central GST collections stood at Rs. 34,141 crore, state GST at Rs. 43,047 crore, integrated GST at Rs. 91,828 crore, and cess at Rs. 13,253 crore. In comparison, November 2022 recorded Rs. 1.68 lakh crore, while October 2024 saw Rs. 1.87 lakh crore.

Domestic transaction revenues rose by 9.4% to Rs. 1.40 lakh crore (US$ 16.73 billion), while import tax collections increased by 6% to Rs. 42,591 crore (US$ 5.09 billion). Refunds in November amounted to Rs. 19,259 crore (US$ 2.30 billion), reflecting an 8.9% decline from the previous year. After accounting for refunds, net GST collections grew by 11% to Rs. 1.63 lakh crore (US$ 19.47 billion), signaling a strengthening economy and improved taxpayer compliance.

Source: IBEF 

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