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Informist, Sunday, Dec. 1, 2024

 

--India Nov GST cess collections INR 132.53 bln 
--India Nov Integrated GST collections INR 918.28 bln 
--India Nov State GST collections INR 430.47 bln 
--India Nov Central GST collections INR 341.41 bln 
--India Nov total GST mop-up INR 1.823 tln, down 2.7% on month 
--India Nov total GST mop-up INR 1.823 tln, up 8.5% on year 

 

NEW DELHI - India's goods and services tax collections grew 8.5% on year to INR 1.823 trillion in November, government data released Sunday showed. It was widely expected that GST figures for the month of November would be as robust as October's owing to festive spending, but the data showed that on a monthly basis, collections were down 2.7%. 

 

Abhishek Jain, Indirect Tax Head & Partner, KPMG, said that an overall growth of 8.5% "is impressive despite a bit of slowdown in GDP growth and negative growth in few states and Union Territories". India's GDP growth fell sharply to a seven-quarter low of 5.4% in the quarter ended September, data released by the National Statistical Office on Friday showed. The Indian economy had grown 8.1% a year ago and 6.7% a quarter ago.

 

GST collections were at a six-month high of INR 1.873 trillion in October, up 8.9% on year, and were also the second highest ever, behind only April's mop-up of INR 2.103 trillion.

 

Of the total collections in November, INR 341.41 billion was from Central GST, INR 430.47 billion from State GST, INR 918.28 billion from Integrated GST, and INR 132.53 billion from compensation cess. GST revenue, net of refunds, was INR 1.63 trillion in November, up 11.1% on year.

 

The gross domestic GST revenue rose 9.4% on year to INR 1.397 trillion in November, while the import revenue was up 5.9% at INR 425.91 billion. Refunds during the month were low, down 8.9% on year, at INR 192.6 billion in November. 

 

In Apr-Nov, GST collections were up 9.3% on year at INR 14.567 trillion. The post-settlement revenues of states rose 13% on year to INR 6.421 trillion in Apr-Nov.  End

 

Reported by Priyasmita Dutta

Edited by Vandana Hingorani

 

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