The government has collected Rs 1.82 lakh crore from Goods and Services Tax, i.e. GST, in November 2024. There has been an increase of 8.5% on annual basis. According to the data released on Sunday, a year ago i.e. in November 2023, the government had collected Rs 1.68 lakh crore GST. At the same time, so far this year Rs 19.74 lakh crore has come from GST.
In October this year, the government had collected Rs 1.87 lakh crore from GST, which was 9% more than in October last year. November is the ninth consecutive month when the monthly collection has been more than Rs 1.7 lakh crore. GST collection in the first six months of the year stood at Rs 10.87 lakh crore, which was 9.5% higher than in the first half of FY24.
Third largest collection till date In terms of gross tax collection, this is the third largest collection so far in the month of November. Earlier in April 2024, the maximum amount of Rs 2.10 lakh crore was collected as GST. At the same time, the government had collected GST of Rs 1.87-1.87 lakh crore in April-2023 and October-2024.
Central GST collection ₹34,141 crore According to PTI, the government has earned more revenue through domestic transactions in November and its effect has been seen in the increase in GST collection.
Central GST collection (CSGT) was Rs 34,141 crore, State GST collection (SGST) was Rs 43,047 crore, Integrated IGST was Rs 91,828 crore and Cess was Rs 13,253 crore.
Net GST collection increased by 11% to Rs 1.63 lakh crore GST revenue from domestic transactions increased by 9.4% to Rs 1.40 lakh crore during the month of November, while revenue from tax on imports increased by nearly 6% to Rs 42,591 crore. Refunds worth Rs 19,259 crore were issued during this month, which is 8.9% less than in November-2023. After adjusting refunds, net GST collection is up 11% to Rs 1.63 lakh crore.
GST collection shows the health of the economy GST collection is an indicator of the overall health of the economy. On the GST collection figures for the month of April, KPMG National Head Abhishek Jain said that the highest GST collection so far reflects the strong domestic economy.
GST was implemented in 2017 The government implemented GST across the country on July 1, 2017. After this, 17 taxes and 13 cesses of the Central and State Governments were removed. On completion of 7 years of GST, the Finance Ministry posted about the achievements made during the last seven years.
GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
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Also read this tax related news…
Government has collected ₹11.25 lakh crore direct tax so far: 18% more than last year, refund of ₹2.31 lakh crore also issued
The central government has collected net direct tax of Rs 11.25 lakh crore from April 1 to October 10. In this, corporate tax is Rs 4.94 lakh crore and personal income tax is Rs 5.98 lakh crore.
The Income Tax Department had collected direct tax of Rs 9.51 lakh crore at the same time a year ago (by October 10, 2023). There has been an increase of 18.35% on annual basis.
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