GST Collections Surge in November
New Delhi: India’s Goods and Services Tax (GST) collections have witnessed a significant boost, reaching Rs 1.82 lakh crore in November 2024. This marks an impressive 8.5 percent increase compared to the same period last year.
Key Highlights
Source:- bbc news
Total Gross GST Revenue: The total gross GST revenue for November 2024 stands at Rs 1.82 lakh crore, surpassing the Rs 1.68 lakh crore collected in November 2023.
Domestic Transactions: GST from domestic transactions saw a robust growth of 9.4 percent, contributing to Rs 1.40 lakh crore of the total revenue.
Source:- news 18
Import Taxes: Revenues from taxes on imports increased by approximately 6 percent, reaching Rs 42,591 crore.
Refunds: Refunds issued during the month amounted to Rs 19,259 crore, reflecting an 8.9 percent decline year-on-year.
Net GST Collection: After adjusting for refunds, the net GST collection experienced an 11 percent increase, totaling Rs 1.63 lakh crore.
Positive Implications:
The substantial increase in GST collections is a positive indicator of India’s economic health. It suggests improved compliance, increased economic activity, and higher consumer spending. This trend is likely to have a positive impact on government revenue and fiscal health.
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