The government has collected Rs 1.82 lakh crore from Goods and Services Tax (GST) in November 2024. It has increased by 8.5% on an annual basis. According to the data released on Sunday, a year ago i.e. in November 2023, the government had collected Rs 1.68 lakh crore GST. At the same time, so far this year, Rs 19.74 lakh crore has come from GST. In October this year, the government had collected Rs 1.87 lakh crore from GST, which was 9% more than October last year. At the same time, November is the ninth consecutive month, when the monthly collection has been more than Rs 1.7 lakh crore. GST collection in the first six months of the year was Rs 10.87 lakh crore, which was 9.5% more than the first half of FY 24. Third largest collection so far
In terms of gross tax collection, November is the third largest collection so far. Earlier, the highest amount of Rs 2.10 lakh crore was collected as GST in April 2024. At the same time, the government collected GST of Rs 1.87-1.87 lakh crore in April-2023 and October-2024. Central GST collection ?34,141 crore
According to PTI, the government has earned more revenue through domestic transactions in November and its effect has been seen in the form of increase in GST collection. Central GST Collection (CSGT) has been Rs 34,141 crore, State GST Collection (SGST) Rs 43,047 crore, Integrated IGST (IGST) Rs 91,828 crore and cess Rs 13,253 crore. Net GST collection increased by 11% to Rs 1.63 lakh crore
During the month of November, GST revenue from domestic transactions increased by 9.4% to Rs 1.40 lakh crore, while revenue from taxes on imports increased by about 6% to Rs 42,591 crore.
Refunds of Rs 19,259 crore were issued during this month, which is 8.9% less as compared to November-2023. After adjusting for refunds, net GST collection increased by 11% to Rs 1.63 lakh crore. GST collection shows the health of the economy
GST collection is an indicator of the overall health of the economy. On the GST collection figures for the month of April, KPMG National Head Abhishek Jain said that the highest GST collection till date reflects a strong domestic economy. GST was implemented in 2017
The government implemented GST across the country on 1 July 2017. After this, 17 taxes and 13 cess of the central and state governments were abolished. On the completion of 7 years of GST, the Finance Ministry posted about the achievements made during the last seven years. GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%. —————————————————- Read this news related to tax also… Government has collected ? 11.25 lakh crore direct tax so far: 18% more than last year, refund of ? 2.31 lakh crore also released The central government has collected a net direct tax of Rs 11.25 lakh crore from 1 April to 10 October. In this, corporate tax is Rs 4.94 lakh crore and personal income tax is Rs 5.98 lakh crore. The Income Tax Department had collected direct tax of Rs 9.51 lakh crore at this time a year ago (till October 10, 2023). There has been an increase of 18.35% on an annual basis. Click here to read the full news…
