GST New Delhi/IBNS: Goods and Services Tax (GST) collection for November rose by 8.5 percent to Rs 1,82,269 crore, marking the fourth-highest figure since the implementation of the new tax regime over seven years ago.
This increase, based on October's transactions, was driven by a 9.4 percent rise in domestic consumption, reaching nearly Rs 1.4 lakh crore, while imports saw a 5.9 percent growth.
Notably, the integrated GST on imports grew by around 6.5 percent, but the cess on imported sin and luxury goods fell by over 17 percent. These numbers suggest a moderate increase in overall imports.
So far this year, gross GST collections have risen by 9.3 percent, totaling Rs 14.6 lakh crore.
However, this data comes amid signs of slowing demand in some sectors, with GDP growth slowing to 5.4 percent in the September quarter, the weakest in seven quarters.
The latest GST figures show that cumulative revenues for the first eight months of FY25 have increased by 9.3 percent year-on-year, totaling Rs 14,56,711 crore.
Domestic transactions amounted to Rs 11,04,817 crore, reflecting a 10.3 percent year-on-year growth, while import-related revenues grew at a slower pace of 6.3 percent, totaling Rs 3,51,894 crore.
Net collections from April to November 2024 showed a single-digit growth of 9.2 percent, driven by a modest 3.2 percent increase in revenues from imports.
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