In November, Goods and Services Tax (GST) collections touched ₹1.68 trillion. It was due to the festive demand, besides the emphasis on compliance, focussed recovery measures undertaken by the authorities, and the revamp of the tax regime for online gaming sector are also significant contributors to healthy GST revenue receipts. But this figure is still lower than October’s receipts of ₹1.72 trillion.
Monthly GST collection, which saw a record ₹1.87 trillion in April, has remained robust subsequently, with collections in six out of the eight months up to November remaining above ₹1.6 trillion. Monthly average GST receipts is now at ₹1.66 trillion. November GST revenue receipts showed a 15% improvement from the year-ago period, the fastest pace of growth the indirect tax has registered since its inception in 2017.
However, cumulative growth in the April to November period works out to 11.87%, which is closer to the nominal 10.5% economic growth rate projected for this year. The GST remitted in November by businesses is for their sales in October. Revenue from domestic transactions and import of services rose 20% in November from a year ago. After settlement of taxes for inter-state sales, the Centre collected ₹68,297 crore and states collected ₹69,783 crore.
