GST Collection: Government’s Treasure Chest Fills Up with November’s 8.5% Increase to ₹1.82 Lakh Crore
GST Collection: As December begins, there’s good news on the economic front. The Modi government released data on December 1 regarding the Goods and Services Tax (GST) collection for November. The figures show that GST collection rose by 8.5%, reaching ₹1.82 lakh crore. In comparison, the collection for October was ₹1.87 lakh crore, while September’s figure stood at ₹1.73 lakh crore. Reports indicate that the increase in GST revenue for November was significantly driven by domestic transactions. According to the data, the Central GST (CGST) amounted to ₹34,141 crore, the State GST (SGST) was ₹43,047 crore, the Integrated GST (IGST) reached ₹91,828 crore, and the cess collected was ₹13,253 crore.
April 2024 marked a milestone for GST collection in India, as it surpassed ₹2 lakh crore for the first time, hitting ₹2.10 lakh crore. The Goods and Services Tax was implemented across the country on July 1, 2017. It replaced the previous indirect tax structure and is considered one of the most significant tax reforms in India since independence. The central government claims that GST has reduced the tax burden on citizens over the past seven years.
