GST Collections Climb To Rs 1.63 Trillion In Nov, Maharashtra's Tax Mop-Up Rises 17 Per Cent

The latest GST council meeting is scheduled for December 21, 2024, where the stakeholders are expected to discuss rationalisation of indirect tax rates among other issues

Collectively, from April-November, the total gross GST collection grew in single digits at 9.3 per cent.

Source : Okcredit

The GST (Goods and Services Tax) mop-up in November surged ahead, official data released by the government on Sunday showed. The net GST collection in the month stood at Rs 1.63 trillion, climbing 11.1 per cent against the same month a year earlier, provisional data revealed.

This surge in net collections was attributed to a sharp decline in refunds. On a sequential basis, the GST collections in October 2024 touched Rs 1.68 trillion, reported Business Standard. The latest GST council meeting is scheduled for December 21, 2024, where the stakeholders are expected to discuss rationalisation of indirect tax rates among other issues.

Meanwhile, the gross GST collection climbed 8.5 per cent in November to touch Rs 1.8 trillion. The gross collection data is calculated before adjusting for refunds. Notably, November is the ninth consecutive where GST collections have surpassed Rs 1.7 trillion.

Domestic refunds decreased 19.6 per cent in November, while overall refunds including import refunds saw a decline of almost 9 per cent to touch Rs 19,259 crore. Overall refunds during the April-November period gained 10.2 per cent to hit Rs 1.7 trillion.

Collectively, from April-November, the total gross GST collection grew in single digits at 9.3 per cent, slipping from the 10.1 per cent surge seen until April-August period. 

Experts said that they estimate tax collections to ease a bit in the next four months as GDP growth hit a seven-quarter low at 5.4 per cent in the July-September quarter. Further, the economic challenges in the short term are also set to further escalate due to the global geopolitical scenario and possible decline in consumer spending.

Amongst states, the GST collections touched double digits in several states like Maharashtra (17 per cent), Karnataka (15 per cent), Bihar (12 per cent), Uttarakhand (14 per cent), and Jharkhand (12 per cent). These collection levels indicates the strong consumption seen in these state along with measures taken by tax authorities to help improve compliance and curb evasion.