GST Collections INCH Up To Rs. 1.70 Lakh Crore In November Despite Rate Cuts
Delhi/Hyderabad, Dec 1 (Maxim News) India’s Gross Goods and Services tax (GST) collections reached Rs 1,70,276 crore in November, up 0.7 per cent year-on-year, driven by lower rates and overall policy reforms, the official data showed on Monday.
Total net GST revenue was up 1.3 per cent at Rs 1.52 lakh crore last month. Notably, import-related IGST went up 10.2 per cent to Rs 45,976 crore, taking total gross GST revenue to Rs 1,70,276 crore, up 0.7 per cent from November last year.
Net collections from exports and imports grew 11.6 per cent to Rs 36,521 crore. Total net GST revenue for the April-November period this fiscal went up 7.3 per cent to Rs 12.79 lakh crore.
Earlier, despite rate rationalisation, the GST collections rose 4.6 per cent (year-on-year) in the festive month of October at about Rs 1.96 lakh crore. October also made it the 10th consecutive month that revenues remained above the Rs 1.8 lakh crore mark.
As per the official data, the GST collections went up 9 per cent to about Rs 13.89 lakh crore in the April-October period this fiscal, compared to Rs 12.74 lakh crore in the same period last fiscal (FY25).
October also saw robust consumer demand after the September 22 rate cuts towards broader tax and economic reforms. The government said that the benefits of recent GST cuts have been extended to consumers in the festive season, as consumption is one of the key engines for growth.
Meanwhile, India has consolidated its position as the world’s fastest-growing large economy with the GDP growth rate surging to 8.2 per cent in the July-September quarter, while the world faces the headwinds of uncertainty and slowing growth.
Notably, this is not a one-quarter phenomenon as the 8.2 per cent surge comes on the back of a robust 7.8 per cent growth in the first quarter to average 8 per cent GDP growth for the first half of 2025-26. (Maxim News)
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