GST Revenue Hits ₹1.82 Lakh Crore in November
India’s Goods and Services Tax (GST) revenue witnessed a significant rise in November, reaching ₹1.82 lakh crore, according to the latest data released by the Ministry of Finance.
This marks a consistent upward trajectory in GST collections, reflecting strong economic activity and improved compliance.
Components of GST Revenue
The total collection includes ₹33,013 crore from Central GST (CGST), ₹41,631 crore from State GST (SGST), and ₹1.07 lakh crore from Integrated GST (IGST). The IGST also includes ₹56,200 crore collected on imports. Additionally, ₹9,816 crore was collected as cess, which includes ₹1,050 crore on imported goods.
Steady Growth in Compliance
The rise in collections can be attributed to robust economic performance and enhanced tax compliance measures implemented by the government. Tax experts noted that the consistent growth in GST revenue underscores the resilience of the Indian economy amid global challenges.
Comparison with Previous Year
In comparison to November 2023, this year’s collections reflect a growth of over 13%, highlighting the positive impact of festive season demand and increased industrial output.
The November figures underline the government’s success in streamlining tax processes and ensuring higher compliance rates, bolstering India’s fiscal health ahead of the next financial quarter.
