GST Collections Soar in November Amid Festive Boost
The Gross GST collections in November experienced an 8.5% growth compared to the same month last year, totaling over Rs 1.82 lakh crore. Growth was driven by increased sales during the festive season. Meanwhile, net GST collections for the fiscal year outpaced last year's figures by over Rs 1 lakh crore.
- Country:
- India
In a substantial boost propelled by the festive season, Gross GST collections rose by 8.5% to surpass Rs 1.82 lakh crore in November, according to government data released on Sunday.
The breakdown revealed Rs 34,141 crore in Central GST, Rs 43,047 crore in State GST, Rs 91,828 crore in Integrated IGST, and Rs 13,253 crore from cess. This upswing follows a notable GST collection of Rs 1.87 lakh crore in October, which marked the second-highest collection to date.
Domestic transaction revenues surged by 9.4%, and import-related revenues grew by about 6%. While refunds decreased by 8.9% year-on-year, net collection jumped 11% to Rs 1.63 lakh crore, paving a promising path towards achieving projected GDP growth goals.
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