GST collections increased by 8.5 percent to reach Rs 1.82 lakh crore in November, driven by higher revenues from domestic transactions.
According to government data released on December 1, the 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 cess generated Rs 13,253 crore.
The total gross GST revenue grew 8.5 percent to over Rs 1.82 lakh crore in November compared to Rs 1.68 lakh crore in the same month a year ago, as per the data.
During the month under review, GST from domestic transactions grew 9.4 percent to Rs 1.40 lakh crore, while revenues from tax on imports rose about 6 percent to Rs 42,591 crore.
Refunds worth Rs 19,259 crore were issued during the month, registering 8.9 percent decline over the year-ago period.
After adjusting refunds, net GST collection increased by 11 percent to Rs 1.63 lakh crore.
In October, GST collections of Rs 1.87 lakh crore were the second-best GST mop-up with 9 percent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore.
GST revenue collection in October shows an 8.9 percent annual growth from what was collected in the year ago period. In September, Rs 1.73 lakh crore was collected as GST, showing a 6.5 percent annual growth in that month.
Meanwhile, Finance Minister Nirmala Sitharaman will chair the next meeting of the GST Council on December 21 in Jaisalmer, a senior finance ministry official said. The Council was initially scheduled to meet in November. The delay is due to the Assembly elections in Maharashtra and Jharkhand, and then the Winter Session of Parliament.
The GST Council meeting will likely take up two pending issues that have been discussed by the respective Group of Ministers – the lowering of goods and services tax on health and life insurance premiums to nil from the current 18 percent, and the much-awaited rate rationalisation on some mass-consumed items. The Council’s 54th meeting was held on September 9.
In a meeting held on October 19, the Group of Ministers on life and health insurance decided to propose complete exemption of GST on health and life premiums. The Group of Ministers on rate rationalisation, which also met on October 19, decided to propose lowering the GST on packaged water above 20 litres to 5 per cent from 18 percent, on bicycles costing less than Rs 10,000 to 5 percent from 12 percent, and on exercise notebooks to 5 percent from 12 percent. This move is aimed at making essential products more affordable, especially for middle-class and lower-income groups.