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GST collections rose 8.5 percent to Rs 1.82 lakh crore in November, led by higher revenue from domestic sources.
According to the data released by the government on December 1, Central GST (CGST) collected stood at Rs 34,141 crore, State GST (SGST) amounted to Rs 43,047 crore, while Integrated IGST was recorded at Rs 91,828 crore, and crore made Rs 13,253.
Total GST revenue grew 8.5 percent to Rs 1.82 lakh crore in November compared to Rs 1.68 lakh crore in the same month a year ago, according to the data.
During the month under review, GST revenue from domestic imports grew 9.4% to Rs 1.40 lakh crore, while revenue from import taxes rose nearly 6% to Rs 42,591 crore.
A turnover of Rs 19,259 crore was disbursed during the month, registering a decline of 8.9% over the previous year.
After revision of returns, GST collections increased by 11 percent to Rs 1.63 lakh crore.
In October, the GST collection of Rs 1.87 lakh crore was the second highest GST mop-up by 9 percent year-on-year. The highest collection in April 2024 crossed Rs 2.10 lakh crore.
GST collection in October shows a year-on-year growth of 8.9% from the previous year’s collection. In September, Rs 1.73 lakh crore was collected as GST, showing a year-on-year growth of 6.5% in the same month.
Meanwhile, Finance Minister Nirmala Sitharaman will chair the next GST Council meeting on December 21 in Jaisalmer, a Finance Ministry official said. The Council was originally scheduled to meet in November. The delay was due to Assembly elections in Maharashtra and Jharkhand, followed by the Winter Session of Parliament.
The meeting of the GST Council will take up two aspects that are expected to be discussed by the Group of Ministers – lowering the GST on health and life insurance from the expected 18 percent. on some of the most edible items. The 54th meeting of the Council was held on 9 September.
In a meeting held on October 19, the Group of Ministers on life and health insurance decided to request that GST be exempted from all health and life insurance premiums. The Group of Ministers on price control, which met on October 19, decided to reduce the GST on bottled water above 20 liters to 5 percent from 18 percent, on bicycles costing more than Rs 10,000 to 5 percent from 12 percent, and on exercise equipment to 5 percent from 12 percent. The move is aimed at making essential goods affordable, especially for the middle and lower classes.
