GST Revenue Collection increases 8.5% Y-O-Y to Over Rs.1.82 trillion in November 2024:

GST Revenue Collection increases 8.5% Y-O-Y to Over Rs.1.82 trillion in November 2024 India's GST revenue collection in November totalled Rs.1,82,269 crore, an 8.5% rise over Rs.1,67,929 crore in November 2023. In the previous month of October, India collected Rs.1,87,346 crore in GST. In November, domestic gross revenue increased by 9.4% to Rs.1,39,678 crore. The CGST collections grew to Rs.34,141 crore, and the SGST collections jumped to Rs.43,047 crore. IGST, which comprises import revenues, increased to Rs.91,828 crore, while cess collections were Rs.13,253 crore.

Imports Revenue

The gross GST revenue from imports in November 2024 was Rs.42,591 crore, up 5.9% from Rs.40,234 crore in November 2023. The IGST collected on imports alone totalled Rs.41,736 crore, showing a surge in import activities. The cess collected on imports fell to Rs.855 crore from Rs.1,036 crore in November last year.

Net Revenue Collections

After accounting for refunds, net GST revenue for November 2024 is Rs.1,63,010 crore, up 11.1% from Rs.1,46,786 crore in November 2023. Commenting on the GST collection number, a Tax professional stated, "GST collections growth of 9.4% on domestic supplies and overall growth of 8.5% is remarkable despite a bit of slowdown in GDP growth and negative growth in a few states and UTs." The Ministry of Statistics and Programme Implementation has announced a GDP forecast for the second quarter of the financial year 2025 of 5.4%, the lowest figure recorded in the preceding seven quarters.

Variations in Regional Growth

Maharashtra recorded the highest GST revenue collection among the states, with Rs.29,948 crore, a 17% rise over November 2023 figures. Karnataka and Gujarat come second in row of highest GST collections, with Rs.13,722 crore and Rs.12,192 crore, respectively. However, Lakshadweep and Andaman and Nicobar Islands had the lowest GST collections, at Rs.5 crore and Rs.32 crore, respectively.

GST Collections in Nov 2024 (State-Wise)